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What Keynes really meant

Peter Clarke, 19 April 1984

The Collected Writings of John Maynard Keynes. Vol. XI: Economic Articles and Correspondence, Academic 
edited and translated by Donald Moggridge.
Macmillan/Cambridge, 607 pp., £22, June 1983, 0 333 10723 3
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Keynesian Economics: The Search for First Principles 
by Alan Coddington.
Allen and Unwin, 129 pp., £9.95, February 1983, 9780043303344
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Keynes’s Economics and the Theory of Value and Distribution 
edited by John Eatwell and Murray Milgate.
Duckworth, 294 pp., £24, October 1983, 0 7156 1688 9
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Capital and Employment: A Study of Keynes’s Economics 
by Murray Milgate.
Academic Press, 217 pp., £17, December 1982, 0 12 496250 5
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... rates (and the return on other assets) about which day-to-day fluctuations take place.’ Thus Alan Coddington, in the course of arguing that Keynes was simply in a muddle when he maintained that interest was explained by liquidity preference: whereas he should have seen its role as balancing the inducements to invest (‘productivity’) with the ...

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