By Roger Hill
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Additional info for Keynes, Money and Monetarism: The Eighth Keynes Seminar held at the University of Kent at Canterbury, 1987
Both of these arguments deny axioms of neoclassical economics. He partly uses them himself and he 27 28 KEYNES, MONEY AND MONETARISM partly attributes them to Keynes or says that Keynes was groping towards these particular arguments. The first point he emphasised is that money is not a gross substitute for other assets and goods. The second is that the economic system is not 'ergodic'. One question that occurs to me is whether there is some logical connection between the two axioms that Professor Davidson is denying so that if one gets defeated they both must fall or whether they have a separate life.
Monetarists avoid talking about this long-run loss in real income by assuming that in the long run money is neutral and therefore it does not affect the long run growth in real income of society. Keynes, General theory, p. 239. , p. 239. Keynes, Treatise, vol. I, p. 169. , vol. II, p. 351. 26 KEYNES, MONEY AND MONETARISM 49. K. J. Arrow and F. H. Hahn, General Competitive Anarysis (San Francisco: Ho1denDay, 1971), pp. 356-7. 50. , p. 361. 51. Keynes, General Theory, p. 231. DISCUSSION Official discussant, Professor Alan Budd: I understand that my task is to get the discussion of this extremely interesting and provocative paper started rather than to start the discussion myself.
In practice, ratios of public sector debt and bank lending to GDP fluctuate substantially over time.