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In The Making of Keynes' General Theory, Richard Kahn (1984, 53, 51, 59 
complained that in the Tract Keynes was "far more strictly monetarist then 
Marshall and Pigou". In a Manchester School essay on 'Some Notes on 
Liquidity Preference' (published during Friedman's year at Cambridge) 
Kahn(Manchester School of Economic and Social Studies September 1954, 250, 
245) 
asserted that Keynes never really escaped from the idea of a "stable" money 
demand relationship.  Kahn sought to distance the Keynesians from Keynes in 
this respect: "Sufficient has been said to demonstrate the unsuitability of 
thinking of a schedule of liquidity preference as though it could be 
represented by a well-defined curve or by a functional relationship 
expressed in mathematical terms or subject to econometric processes.  
Keynes 
himself often gave way to the temptation to picture the state of liquidity 
preference as a fairly stable relationship, despite his intuitional horror 
of undue formalism, but his treatment at least can be justified by the need 
at the time for a forceful and clear-cut exposition if it was to carry any 
weight at all".   
 
I have a memory of this being discussed somewhere.  Does anyone recall 
where? 
 
Robert Leeson 
Murdoch University 
 
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