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The Theoretical Contributions of Knut Wicksell pp 16–19Cite as

Palgrave Macmillan

Keynesian Economics and the Stockholm School. A Comment on Don Patinkin’s Paper

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Abstract

Professor Don Patinkin expresses the view that the real content of Keynes’ theory of effective demand in the General Theory was his development of a theory for underemployment equilibrium and its application to explain the relationship between fluctuations in investment and changes in employment. The mechanism relating the two was the change in the total volume of output brought about by a variation in investment, which subsequently gave rise to a change in the volume of savings, whereby the latter came to equal the size of investment.

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References

  • Kahn, R.: Home investment and employment. The Economic Journal, 1931.

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  • Keynes, J. M.: General theory, 1936. See Ch. 21.

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  • Myrdal, G.: Der Gleichgewichtsbegriff als Instrument der geldtheoretischen Analyse. In Beiträge zur Geldtheorie (ed. F. A. Hayek), pp. 427–36, 1933.

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  • Myrdal, G.: Monetary Equilibrium, 1939.

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  • Ohlin, B.: Till frâgan om penningteorins uppläggning. Ekonomisk Tidskrift, 1933. (“On the question of the method in monetary theory”.) An English translation will appear in History of Political Economy, in the autumn of 1978.

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  • Ohlin, B.: Penningpolitik, offentliga arbeten, subventioner och taller som medel mot arbetsiöshet, 1934. See pp. 12–46.

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  • Patinkin & Leith, eds., Keynes, Cambridge and the General Theory, 1977.

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  • Steiger, O.: Bertil Ohlin and the origins of the Keynesian revolution. History of Political Economy, vol. 8. no. 3, 1976.

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Author information

Authors and Affiliations

  1. Stockholm, Sweden

    Bertil Ohlin

Authors
  1. Bertil Ohlin
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Editor information

Editors and Affiliations

  1. University of Oslo, Norway

    Steinar Strøm

  2. University of Lund, Sweden

    Björn Thalberg

Copyright information

© 1979 The Scandinavian Journal of Economics

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Ohlin, B. (1979). Keynesian Economics and the Stockholm School. A Comment on Don Patinkin’s Paper. In: Strøm, S., Thalberg, B. (eds) The Theoretical Contributions of Knut Wicksell. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-04207-4_3

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