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Cambridge Journal of Economics Advance Access published online on April 8, 2008
Cambridge Journal of Economics, doi:10.1093/cje/ben014
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© The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Keynes's Z function: a reply to Hartwig and Brady

M. G. Hayes*

* Homerton College, University of Cambridge

Address for correspondence: Homerton College, Cambridge CB2 8PH, UK; email: mgh37@cam.ac.uk

Manuscript received February 6, 2008; final version received February 6, 2008.

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The first 150 words of the full text of this article appear below.

Jochen Hartwig and Michael Brady have paid me the compliment of carefully reading my article (Hayes, 2007A) and share my enthusiasm for the re-examination of the foundations of Keynes's economics that all three of us consider necessary. In that article, I have argued that The General Theory (Keynes, 1936, hereafter GT) extends Marshall's theory of value to the monetary economy, and that the Footnote (GT, pp. 55–6) can be understood as a statement, not of Keynes's own assumptions throughout the rest of The General Theory, but of the three special assumptions needed for the Classical marginal productivity theorem to hold, at the macroeconomic as well as the microeconomic level.

We agree, in departing from received wisdom, on the importance of the supply side in The General Theory and on the essentially Marshallian character of Keynes's theory of the firm, summarised by the . . . [Full Text of this Article]


   1. The inadmissibility of assuming homogeneous aggregate output
 

   2. The prices implicit in the aggregate demand and supply functions
 

   3. Derivatives, differentials and factor cost other than labour
 

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