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Keynes's attack on the citadel: proportionality, the two-price theory, and monetary circulation

Mark Lautzenheiser and Yavuz Yaşar

Keywords: Marx; Keynes; proportionality; monetary circulation

In the Treatise, Keynes claimed that the price levels of consumption and investment goods would not necessarily move in opposite directions. He further argued that the first claim had nothing to do with monetary circulation. If these two claims could be established, they would have constituted a direct attack on Ricardian economics and the economics of Marx, both of which are identified as self-adjustment mechanisms as in Say's law by Keynes. This paper seeks to evaluate these claims through the lenses of sector balance, the two-price theory, and monetary circulation.

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