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On the New Appeal of Chapter 12 of the 'General Theory' - Complicating Remarks on the Keynes-Hume Connection and the Presumed Novelty of the Analysis of Financial Markets in the 'General Theory'

CESMEP Working paper 02/2012

36 Pages Posted: 12 Oct 2012  

Anna Carabelli

University of Piemonte Orientale

Mario A. Cedrini

University of Turin - Department of Economics S. Cognetti de Martiis

Date Written: October 1, 2012

Abstract

A basic presupposition of the rediscovery, in the times of the crisis, of chapter 12 of the 'General Theory' is that Keynes’s treatment of financial markets, and particularly the use of the notion of convention, represents a crucial novelty in both his economics and philosophy. The article offers complicating remarks to critically discuss this interpretation. In particular, we analyze the complex Keynes-Hume theoretical connection in the light of the Keynes-Sraffa correspondence on Hume’s 'Abstract', and emphasize the theoretical legacy of Keynes's 1910 lectures on speculation for the analysis of financial markets in the 'General Theory'.

Keywords: John Maynard Keynes, David Hume, conventions, financial markets, speculation

JEL Classification: B31, B40, D84, A12

Suggested Citation

Carabelli, Anna and Cedrini, Mario A., On the New Appeal of Chapter 12 of the 'General Theory' - Complicating Remarks on the Keynes-Hume Connection and the Presumed Novelty of the Analysis of Financial Markets in the 'General Theory' (October 1, 2012). CESMEP Working paper 02/2012. Available at SSRN: https://ssrn.com/abstract=2159982 or http://dx.doi.org/10.2139/ssrn.2159982

Anna Carabelli

University of Piemonte Orientale ( email )

Rectory, via Duomo
Novara, Novara 6-13100
Italy

Mario A. Cedrini (Contact Author)

University of Turin - Department of Economics S. Cognetti de Martiis ( email )

Campus Luigi Einaudi - Lungo Dora Siena 100
Torino, 10153
Italy
+390116704975 (Phone)
+390116703895 (Fax)

HOME PAGE: http://www.unito.it/unitoWAR/page/dipartimenti4/D031/D031_personale_batch_BasicBook_Docenti_IT7?id=4

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