The monetary theory of production of John Maynard Keynes: Toward a unification of money and value theory
McDermott, Karl A.
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https://hdl.handle.net/2142/20457
Description
Title
The monetary theory of production of John Maynard Keynes: Toward a unification of money and value theory
Author(s)
McDermott, Karl A.
Issue Date
1990
Doctoral Committee Chair(s)
Wells, Paul
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Theory
Language
eng
Abstract
The focus of this work is a reassessment of the contribution made by John Maynard Keynes to the field on monetary economics. In particular we trace the development of Keynes' thought regarding the integration on money and value theory in economics. In the four main chapters Keynes' views on the characteristics of money and a monetary economy are developed with the emphasis placed on money within the framework of the microfoundations of an entrepreneurial economy. Both the short and long-run entrepreneurial decisions are examined highlighting the special role that expected and actual profits play as a signalling mechanism in a monetary-market economy. The final main chapter brings together the models developed in both the Treatise on Money and the General Theory in order to highlight the monetary theory of production, the role that money plays in the formation of expectations and the means by which expectations influence prices, output and the value of production.
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