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Mill’S Fourth Fundamental Proposition On Capital: A Paradox Explained, Steven Kates
Mill’S Fourth Fundamental Proposition On Capital: A Paradox Explained, Steven Kates
Steven Kates
John Stuart Mill’s Fourth Proposition on Capital, first stated in 1848, had become an enigma well before the nineteenth century had come to an end. Described in 1876 as “the best test of a sound economist” and never challenged in Mill’s own lifetime, it is now a statement that not only fails to find others in agreement but fails even to find an internally consistent interpretation that would make clear why Mill found it of such fundamental importance. Yet the fourth proposition should be easily understood as a continuation and extension of the General Glut debate. Economists led by Malthus …
Influencing Keynes: The Intellectual Origins Of The General Theory, Steven Kates
Influencing Keynes: The Intellectual Origins Of The General Theory, Steven Kates
Steven Kates
Richard Kahn aside, from which other economist did Keynes derive even a single idea found in the General Theory? As a reading of almost the entire literature on the transition from the Treatise on Money will show, there is no economist to whom Keynes gave the slightest credit as an influence on the arguments found in the text nor are such influences an important part of the subsequent literature. Yet for all that, Keynes owed major debts to a number of economists from whose works he took significant components without acknowledgment. His taking the words “supply creates its own demand” …