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Collection « Les sciences sociales contemporaines »

Keynes and the ‘Classics’. A Study in language, epistemology and mistaken identities (1996)

Une édition électronique réalisée à partir du livre de Michel Verdon, Keynes and the ‘Classics’. A Study in language, epistemology and mistaken identities. London and New York: Routledge, 1996, 235 pp. Collection: Routledge Studies in the History of Economics. Une édition numérique réalisée par Marcelle Bergeron, bénévole, professeure à la retraite de l'École polyvalente Dominique-Racine de Chicoutimi, Ville de Saguenay. [Autorisation de l'auteur accordée le 15 septembre 2007.]


Keynes and the Classics


'animal spirits' : as natural proclivity to invest

Ackley, G.

activities : deflated to mental operations in OCT 63 ; individual by definition ; must fall within compass of economics ; ruled out by perfect market 53 ; socially visible or not ; vary according to contexts

Aggarwala, K.C.

aggregate individual income, Keynesian : simple summation

aggregate variables, Keynesian : related functionally as are linked in individuals' heads ; related in terms of socially differentiated individuals aggregate variables, neoclassical : articulated 'socially'

Akerlof, G.A. and Yellen, J.L.

analogies : admixture of ; economy as firm (Marshall) ; Mirowski's theses ; misunderstood ; reveal cosmologies ; see also neoclassical economics

analytical sciences

Aristotle's cosmology ; and classical economics ; his dynamics ; and Marshall ; theory of natural places ; time and space 1


Arndt, H.

Arthur, W.B.

Asimakopulos, A.

assets : see also debts

Attali, J. and Guillaume, M.

Azariadis, C.


banks : scant treatment in G.T

Barber, W.

bargaining : absent from neoclassical economics

Barrère, A.

Beault, M. and Dostaler, G.

Bentham, J.

Bharadwaj, K.

Blaug, M.

Böhm-Bawerk, E.

Boland, L.A.

bonds in G.T : lumped with shares

bonds, archetypal : definition ; as 'labouring money'

Brunner, K. and Meltzer, A.H.

Burtt, E.A.

Cairnes, J.E.

Cantillon, R.

capital : competing with labour ; labour plus 'a lot of waiting'

capitalism, Marx : rule of capital, not capitalists ; subordinates social relations to relationships between things

Caplin, A.S. and Spulber, D.F.

Carabelli, A.M.

Cartesian cosmology

certainty : analogous to Galileo's vacuum for Keynes ; attribute of knowledge ; enables Keynes to replicate Galileo's achievements ; Keynes's second experimental scenario ; Keynesian economy Linder ; and neoclassical economics ; rules out speculation ; yields full use of resources ; yields full use of resources in neoclassical economics equally ; see also rates of interest, Keynesian

Checkland, S.G.

Chick, V.

choice : no virtual activity ; ruled out by timeless market

Clark, J.B.

classical economics : Aristotelian ; imperfect and incomplete (Marx) ; its shortcomings to Marx ; Keynes's understanding of ; no orthodoxy ; scientific (Marx) ; see also Smith, A. ; Ricardian economics

Clower, R.W.

Coddington, A.

commodities : as exchange-entitlements

competition, neoclassical : belongs to objects not individuals

completely monetarized economy : Keynes's first experimental scenario

complexity theory : and G.T

Comte, A.

conceptual discontinuity : to be found mostly in social organization

consumption, neoclassical ; absorption of utilities ; as negative production (Marshall)

consumption, Keynes's theory of : coupled to income theoretically ; coupled to income definitionally ; detached from production ; linked to output outside any market representation ; linked to output through macro-circularity of exchange ; as purchase of money

consumption, reappraised : a pragmatist view ; sale of money for goods ; two meanings

consumption goods : sectorally defined as domestic goods

cosmology : affects definition of concepts ; definition ; leads to different questions ; medieval ; most explicit in initial statements ; no theory of its link to theories ; of classical science ; some preclude science ; underlies all theories ; as world-view ; see also analogies

cosmology, neoclassical ; precludes description of any economy ; see also neoclassical economics ; perfect market ; perfect competition

Cournot, A.A. credit : wrongly conflated with money's services

Crosser, P.K.


Davenport, H.J.

Davidson, P.

Deane, P.

debts, Keynesian : encompass all financial assets and exclude real capital ; old distinct from new ; old spell speculation

demand : its two compartments in G. T ; Marshall's definition ; must be coupled to exchange ; subjective in neoclassical economics

demand schedules, neoclassical : additive ; cannot intersect supply schedules ; ex ante preferences ; imaginary ; their construction

Descartes, René


disequilibrium theorists

disinvestment ; sectoral and non-transactional

Dobb, M.

dual-decision hypothesis 212


economic rationality : socially differentiated in G.T ; socially undifferentiated in neoclassical economics

Edgeworth, F.Y.

effective demand ; can settle at less than full employment ; cannot represent intersection ; cannot be aggregated ; cannot apply to output as a whole ; Chick's confusion about ; confused with aggregate demand ; definition ; ends up transactional and ex post ; an entrepreneur's consideration ; intersection of aggregate supply and demand functions ; Keynes and neoclassical economics on ; no-nonsense definition ; originally expectational and non-transactional ; presupposes a single economy-wide firm ; refers to output that will be supplied ; as theory of output

employment, Keynes's theory of : linked to output in the short run ; non-transaction representation ; short-term consideration

entrepreneurs Keynesian : definition ; receive private incomes

entrepreneurs neoclassical : deflated to managers

epistemology : and history of science ; not philosophy of science

equilibrium : bars strategy and speculation ; exiles trade ; at intersection of supply and demand prices (Marshall) ; precludes time ; as rest ; rules out profits ; various meanings of

equilibrium general : definition ; underlies Marshall's treatment of distribution

equilibrium partial : basis of Marshall's theory of exchange ; definition

equilibrium prices : corollary of perfect market ; and maximization

equimarginal distribution ; defined as management ; equated with principle of substitution

equivalence : see also trade equivalents

ex ante/ex post : impossible to argue from either one to the other

exchange neoclassical : asymmetrical when money introduced ; collapsed to individual's equimarginal distribution of his income ; collapsed to a mental operation in OCT 63 ; definition ; deflated to relationship between individuals and commodities ; illusory ; internal to the individual ; macro-circular in monetarized economy ; nothing but choice ; source of laws in OCT 66-67 ; unilateral flow of commodities

exchange : dyadic and bilateral ; not pricing

Exchange monetary : bilateral in G.T ; bilateralism avoided by Keynesians ; implies sale and purchase of money ; transforms goods into commodities (Marx) ; transmutes individual into social labour (Marx) ; transmutes a quantitative into a qualitative equivalence (Marx)

expectations: corollary of Keynes's vision of the individual ; ruled by subjective probability


felicific calculus ; in Marshall

Fender J.

field formalism : internalization of space ; linked to anti-utilitarian stance ; post development ; see also Mirowski

field cosmos : see field formalism firms : equated with markets ; as management units ; in OCT and Walrasian economics ; paradigm to analyse all organizational levels of economy

Fisher, I.

Fisher R.M.

Fitzgibbons A.

Fletcher G.A.

flows : as reiterative exchanges ; require time discontinuities


V. Fradin J.

Fraser L.

Friedman M.


Galileo G. ; and experimentation  ; and inertial motion  ; and medieval cosmos ; revolutionary dynamics  ; and space and time ; and the vacuum

goods : confused with labour (Marx) ; corporate ; domestic and private

government : role ignored in G.T

Green F.

groups : absent from the Capital ; not composed of social relationships ; not sums of social relationships

Guillebaud C.W.

Guitton H.


Hausman D.M.

Hawtrey R.G.

Heckscher E.F.

Hegelianism : in Marshall's treatment of substitution

Hicks J.R.

history : arbitrary source of capitalist income distribution ; transverse approach to

hoarding : conflated with income in G. T

Hobbes T.

Hobson J.

Hodgson G.

Hollis M. and Nell E.J.

Hutchison T.W.

Hutton W.


ideology capitalist : cause of neoclassical economics' survival ; root of neoclassical economics

illiquidity : under certainty natural tendency to

imperfect markets : absurd ; impossible to derive from perfect markets ; sham and bogus

income entrepreneurial : goods sold for money ; sale of goods income individual : sale of labour and services to entrepreneurs ; see also aggregate individual income Keynesian

income Keynesian : absurd as value of output ; conflated with hoarding ; definitional problems ; as flow ; focal variable ; not 'revenue' ; as purchase of money ; value of output sold to avoid contradictions

income disposal ; meaning of second equation

income rises reappraised : do not spell more saving ; narrow gap between consumption and saving

incomes neoclassical : all merge into one another ; defined in a substantialist way

individual Keynesian : intrinsically moving ; socially differentiated ; true minimal unit ; truly decides and acts ; see also Keynes's cosmology

individual Marxian

individual neoclassical : ambiguous ; averse to economic action ; biblical ; defined teleologically ; an illusion ; a micro-firm ; passive ; a patient not an agent ; reluctant to save ; simple carrier of goods ; as smallest market ; socially undifferentiated

inertial motion in G.T

institutionalism : implicit in G.T ; to complete Keynes's economics ; residual category

investment Keynesian : badly articulated to theory of output ; conflated with speculation ; detached from saving ; discrepancies ; involves long-term expectations ; natural proclivity to ; non-transactional representation ; sometimes positive rate of change sometimes not ; substantialist survivals

investment neoclassical : linked to employment ; Marshall's two views ; transactional

investment sectoral : as acceleration of output ; as corporate consumption ; definitional identity when equal to saving ; inhibited by decreasing incomes ; not equal to saving ; a pragmatist view ; should be cause of involuntary unemployment

investment goods : defined by identity of exchanging partners in G.T ; sectorally redefined as corporate goods

IS-LM rendition of Keynes


Jaffé W.

Jevons W.S.

Kaldor N.

Katz L.

Keynes J.N.

Keynes's cosmology ; Galilean ; sectoral ; under certainty

Keynes's economics : and complexity theory ; economics of a 'monetary production economy' ; its experimental scenarios ; experimental (no theory of phenomenal world) ; Galilean ; incompatible with neoclassical economics ; and institutionalism ; mechanistic in places ; non-transactional ; premature generalization ; retrieves money at theoretical level only ; sectoral ; true to methodological individualism ; would be pure macro-economics ; would reduce neoclassical economics to a special case

Klein L.R.

Koyré A.

Kregel J.A.

Kuhn T.


labour : competing with capital

labour : confused with labourer ; not a factor of production

labour power : means the labourer ; phenomenon sui generis ; source of capitalists' profits ;

labour theory of value : against mercantilism ; equality of exchanging partners ; not analytical ; substantialist ; subsumes profits under interest ; and trade equivalents

Lackman C.L.

land : own-rate of interest once greatest because of its serviceability-premium

Lange O.

Lauderdale Earl of

Lavoie D.

Leibniz G.W.

Leijonhufvud A.

Lester R.A.

liquidity : as convertibility ; not convertibility (Hicks) ; power of disposal over an asset ; varies in degrees ; varies in time and space ; see also liquidity preference

liquidity functions

liquidity preference : definition ; motives behind ; natural tendency ; no demand for money ; partly Aristotelian ; price of money's services ; 'propensity to hoard' ; relates to total demand for money ; stems from uncertainty

liquidity preference total liquidity-premium

loanable-funds theory ; Aristotelian ; conceptually vitiated ; neoclassical

loans : wrongly equated with money's services

Longfield M.

Lovejoy A.

Lowe A.


Machlup F.

macro-circularity of exchange : avoids tautology at aggregate level ; enables Keynes to avoid transactional representation of the market

management neoclassical : as allocation of scarce resources to alternative uses ; always conditional ; encompasses all economic functions ; equated with equimarginal distribution (Marshall)

marginal calculus : Aristotelian

marginal efficiency of capital : dictates investment against rate of interest ; not Marshall's marginal productivity of capital

marginal utility

marginal propensity to consume ; decreases as incomes rise ; determined by level of real income ; questioned

marginalism : justification of capitalism ; revolution  ; the three brands (see also neoclassical economics)

market : transactional representation absent from G.T ; understood as firm (Marshall)

Marshall A.

Marshall's economics : against Mill on distribution ; Aristotelian ; bias towards production ; conflates exchange and distribution ; labourer assimilated to labour ; laws to be discovered in conditions of supply ; markets appear imperfect ; reifying ; and rent ; and time ; transactional ; weds Jevons's separate perspectives on exchange

Marx : all economic categories hypostatized ; animist ; capital hypostatized ; classical economics would be scientific ; does not escape barter representation ; epistemological critique ; exchange breeds money ; excludes groups and social relationships ; income disparities historical ; introduces money to explode barter myth ; labourer sells his labour power ; mechanicist ; positivist ; profits flow from trading of labour power ; reifies ; shortcomings of classical economics ; substantialist thinker ; see also exchange monetary ; labour theory of value ; trade equivalents

Marx K.

Maxwell C.

Ménard C.

Menger C.

mercantilists : seek to imitate Galilean revolution ; see also Mirowski and mercantilism (Appendix l)

methodological individualism : 'analytical' ; applies only to isolated activities ; applies to empirical sciences only ; implications for comparison ; leads to terminal tautology in neoclassical economics ; not ontological methodologism ; at root of Marshall's economics ; should lead to holism ; should lead to probabilistic thinking ; true version in G.T. ; its unavoidable constraints ; underlies construction of supply and demand schedules ; working definition

Meyerson E.

Mill J.S. ; capitalist distribution of incomes (see also Marshall's economics) ; how appeared to Jevons ;  ; precursor of Marshall  ; utility theory of value

Minsky H.P.

Mirowski P.  ; and history of science ; and mercantilism ; omits experimentation from history of science ; and political economy

mistaken identities ; their price

money : definition avoided ; greatest serviceability-premium after Industrial Revolution ; necessary corollary of exchange (Marx) ; undifferentiated and unspecialized

money Keynesian : characteristic attributes of ; orients exchange ; as serviceability-premium corrects Keynes's inconsistencies ; its services conflated with its use ; should be implanted at conceptual level ; small elasticity of production ; theoretical role only ; uniqueness of its own-rate of interest ; zero elasticity of substitution

money marginal utility : contradiction in terms ; in Marshall ; nothing but marginal utility of money expenditures in general ; why Marshall imported it

money neoclassical : cannot be exchanged ; cannot be a commodity ; cannot have utility ; its cost is that of saving ; deflated to utility ; an illusion ; Marshall avoids mentioning it ; nothing but numéraire ; subsumed under capital

money stock : confused with labouring 'money' in G.T ; contradictions in G.T.

Morishima M.

motion : both spatial (displacement) and economic (activities) motion economic ; constant at equilibrium in OCT 62

motion spatial : resisted at equilibrium in OCT 62 ; takes place within the mind

Mummery A.F.

Myrdal G.


national income : definition ; definitional identity with national output rejected ; definitional identity with national output ; as sum of personal incomes

nature/culture contrast : at heart of Marshall's distinction of supply and demand

neoclassical economics : 'analytical' science ; 'socializes' relationships of aggregate real variables ; analogies from proto-energetics (see also Mirowski and field formalism)  ; analogies from Galileo and Newton  ; Aristotelian  ; biblical ; denies the reality of exchange ; felicific ; individual its building-block ; legitimates capitalism ; Marshall's Principles justifiably representative  ; methodologically individualist ; Panglossian ; precludes time ; predicated on perfect market ; reifies ; rules out choices ; rules out activities ; scholastic ; special case of Keynes's General Theory ; three traditions  ; transactional (see also Marshall) ; utilitarian ; would be relational ; see also perfect market ; perfect competition ; equilibrium

neoclassical theory of value : and quantity theory ; see also theory of value


New Classical Macro-economics

Newton I.

numéraire ; an illusion of money ; no fiction ; no source of greater realism


OCT : its cosmological achievements ; defines supply as 'reverse demand' ; deflates all activities to mental operations ; discovers laws in conditions of demand ; internalizes space ; inverted mirror image of Marshall's economics ; locates motion within the mind ; its prices are demand prices ; rules out activities choices and individuals ; rules out money ; timeless ; see also opportunity costs

Ogilvie F.W.

Ohlin B.

ontological individualism

opportunities : immaterial and timeless opportunity costs : as displacement costs ; implies motion of illusory commodities in a timeless space

output Keynesian : determined by entrepreneurs through effective demand ; inseparable from employment ; linked to employment in non-transactional manner


Pareto V.

Parkin M.

Patinkin D.

perfect competition : imposes prices ; and omniscience ; and perfect expectation ; and perfect rationality ; predicated on perfectly homogeneous (socially undifferentiated) agents ; presupposes action of monopolist ; presupposes perfectly divisible products ; presupposes independence of producer and consumer ; see also equilibrium ;

perfect market perfect market : analogous to Galileo's vacuum ; communication free and instantaneous ; defined in negative terms ; homogeneous and isotropic space ; lack of price differentials ; and simultaneous equations ; thought-experimental ; underpins all static equilibrium analysis ; where prices settle at equilibrium ; see also perfect competition

perfection : can never yield imperfection ; described in negative terms ; spells infinity ; a theological construct

Peterson W.C.

Petty W. physiocrats : see Mirowski and political economy (Appendix ) ;

Quesnay potential income ; unsold goods Pribram K.

prices Keynesian : irrelevant in the aggregate ; lose pivotal role prices Marshallian : are above all supply prices ; definition ; demand prices ; if coherent all prices rooted in labour theory of value ; indication of utility ; supply prices defined in real costs

prices neoclassical : articulate inconsistent neoclassical cosmologies ; articulate supply to demand ; demand prices in OCT 59 ; include and exclude others in exchange ; pivotal to research programme ; regulate transactions

prices neoclassical theory : in reality substantialist ; would be relational

pricing : completely internal with Jevons ; an isolated derivative and virtual activity

probabilistic thinking : flows from methodological individualism

production and consumption : not symmetrical in reality ; objective manifestations of neoclassical supply and demand

production Marshallian : deflated to management ; encompasses trading ; as rearrangement of matter

profits : connected to wages (Marx) ; as fair earnings of businessmen ; stem from exchange of labour power for money (Marx) ; subsumed as interest by labour theorists

propensity : various meanings in G.T.

propensity to consume : enables Keynes to by-pass prices in theory of consumption ; related to income

Proudhon P.J.


quantity theory : and neoclassical theory of value

quasi-rent : conflated with interest ; conflated with rent ; contradictions ; Marshall's definition

Quesnay F. ; physiological not dynamic analogy ; would hold labour theory of value


rate of interest classical and neoclassical : brings forth flow of saving ; Marshall's definition of ; price of putting off consumption (saving) ; returns to free capital in exchange equations ; returns to investments in distribution equations ; returns to capital ; supply price of saving

rate of interest, Keynesian : acts on disposal of savings ; affects investment through marginal efficiency of capital ; confusions ; contradictions ; involves Central Bank ; logical flaw in Keynes's reasoning ; logically indeterminate ; price paid for money's use ; price of not hoarding ; regulates quantity of money in circulation ; rental price of money ; reward for parting with liquidity ; would remain stable at full employment in conditions of certainty

rate of interest, reappraised : conditions of certainty ; do not equilibrate anything ; not price for 'not doing something' ; not price of money loans ; pure mercantilist view right one ; true mercantilist view inverts Keynes's perspective

Rational Expectations Theory

real analysis

real costs : aspect of realistic Marshall ; 'historical' costs ; suppose real time and activities ; see also Marshall's economics

real magnitudes realistic Keynes : danger of so representing

reification : definition ; in Marshall's theory of employment ; in neoclassical economics

relational thinking ; in neoclassical economics ; in Newton

rent : according to Ricardo and Marshall ; both natural and cultural surplus ; contradictions  ; defined at the margin ; predicated on law of diminishing returns ; is price-determined ; reified representation since Ricardo

research programmes : cannot be all simultaneously valid ; circular ; economics' three  ; spiralling

revealed preference theory

revenue : not income

Ricardian economics : justifies industrial capitalism ; labour theory of value ; its manner of reasoning ; radicalist implications ; see also classical economics

Ricardo D.

Robbins L.

Robertson D.H.

Robinson J.

Rogin L.

Rosenberg A.


Samuelson A

Samuelson P.

saving Keynesian : decision not to consume ; equality with investment ; natural proclivity to ; no longer brings borrowers and lenders ; not related to investment ; related to income

saving neoclassical : equals flow of investment ; as 'waiting'

saving reappraised : does not inhibit investment ; equal to investment by definitional identity only ; as income disposal ; no equality with investment ; theoretically useless ; would result from decreasing incomes

Schoeffler S.

Schumpeter JA.

scientific revolutions : mostly cosmological  ; various types

Scrope G.P.

sectoral approach : about economic rationality ; about language ; contradictions because transactional ; investment ; Keynes's definition of ; necessary to include time discontinuities ; should not be transactional ; to be defined with respect to circuit of exchange

Sen A.

Senior N.

Shackle G.S.

shares archetypal

shares : see bonds

Shaw G.K.

Shove G.F.

Shuster J.

simultaneous equations : exclude time ; underlie perfect market

Sismondi (de) J.C.L.

Smith A.

Smith A. : accumulation as acceleration ; causes and laws of production and accumulation ; market as phenomenal hindrance ; productive and unproductive activities ; theory of value

social differentiation : at heart of Keynes's macroeconomic thinking

social relationships : cannot be summed up ; delineate networks

social undifferentiation : corollary of perfect market ; in neoclassical economics ; of neoclassical individual ; rules out bargaining  ; rules out exploitation

space neoclassical : an illusion in OCT 62  ; internalized

speculation : applies to all old financial assets ; cause of Keynes's confusion over rates of interest  ; colours Keynes's view of economic world ; as gambling on time ; and investment  ; leads to Aristotelian view of the economy ; see also equilibrium

Stewart I.M.

Stigler G.S.

Streissler E.W.

substantialism : Aristotelian ; blurs definitions of incomes ; in classical economics ; corollary of utilitarianism ; corollary of theory of value ; definition ; inhibits conceptualization ; in labour theory of value ; in neoclassical economics

substitution principle of (Marshall) : equated with equimarginal distribution ; equated with market competition ; operates in Hegelian fashion ; special case of survival of the fittest

supplementary costs

supply : as 'reversed demand' in OCT 54

supply Keynesian : determined by effective demand ; determined by income ; is entrepreneur's privilege ; as theory of output

supply schedules : cannot intersect demand schedules ; their construction

supply and demand neoclassical : asymmetrical ; aggregate projections of social relationships ; posited as symmetrical ; synonymous with production and consumption ; their articulation in Marshall

synthetic sciences : see also Comte A.


tâtonnements : problems surrounding

teleology : medieval 1 ; in neoclassical economics ; not in modern science 1

theory of value : cause of substantialism in economics

time : Aristotelian ; in classical science ; excluded in neoclassical economics ; illusory in neoclassical economics ; and Marshall

Tobin J.

trade equivalents : in labour theory ; in marginalism

trade : ruled out by perfect market

transactional : see neoclassical economics ; Marshall's economics transactions-motive : as income disposal

Tsiang S.C.


uncertainty : aberrant in neoclassical economics ; its economic implications ; enables Keynes to move from experimental to observed ; and


neoclassical economics ; phenomenal interference to Keynes ; possible to move from certainty to ; wrong theses about

unemployment equilibrium : could have been deduced from purely individualist-probabilistic premises

user costs ; absurd when applied to sales of finished goods ; Aristotelian survival ; encompass all capital equipment ; expectational ; Keynes believes necessary for definition of income ; predicated on idea of gains from inactivity ; proper redefinition ; results from speculative view of economy ; useless to calculate income

utilitarianism : necessary corollary of an Aristotelian economics ; necessarily felicific

utility theory of value : felicific ; focalizes on consumption ; must be wedded to marginal utility ; places value in market exchanges ; is relational


Verdon M.

Von Mises L.


wage-fund theory : contradicts Marshall's theory of wages ; as primitive theory of labour market ; as theory of labourers' demand for capital

Waldrop M. Walker D.

Walras L. ; shares the neoclassical cosmology

Wicksteed P.H.

Wieser F.V.

Wolff J.

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