The Cambridge, England, critique of the marginal productivity theory of distribution is hard to disentangle from the related theories and developments that occurred alongside it. These include value theory, price theory, capital theory, growth theory and methodology. Indeed, in the event, I...

I count it a great privilege to contribute an essay to the volume for John Henry. I have known him since he was a doctoral student at McGill in the 1970s. John was supervised by my old and dear friend, the late Athanasios (Tom) Asimakopulos. (Tom and I were Ph.D students at King's, Cambridge in...

David Ricardo's key place in the history of economic thought is well established. However, both the understanding of his Principles of Political Economy and Taxation and its role in the development of economic analysis is much more controversial. Cambridge economists have contributed...

I am delighted and honoured to contribute an essay to the Special Issue of the Global and Local Economic Review in honour of Anwar Shaikh's contributions, and especially to honour 40 years on from the publication of his wonderful HUMBUG article, “Laws of production and laws of algebra: the...

The paper considers Keynes's major contributions before "The General Theory", namely "A Tract on Monetary Reform" and "A Treatise on Money", and shows that they were close to the views which Friedman would later develop. However, "The General Theory of Employment, Interest and Money" represented...

The General Theory showed that the main determinant of the level of output and of employment at any point of time was the level of effective demand. It did so in an environment of uncertainty using analysis in historical time. Unfortunately, most of Keynes's insights were soon lost to the...