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Fri Mar 31 17:18:42 2006 |
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It seems that Keynes was the one who first _insisted_ on having Y for
Yncome. I believe he put it that way in one of his earlier manuscripts. =
He
uses this notation through all of the _General Theory_. Right now I have
only Vol XIV of Keynes' Collected Writings with me. There (JMK, CW, XIV,
p.80) Keynes writes to Hicks (in response to his SILL-article which =
intends
to render the essence of the General Theory): "On one point of detail, I
regret that you use the symbol _I_ for income. ... after trying both, I
believe it is easier to use _Y_ for income and _I_ for investment. =
Anyhow we
ought to try and keep uniform in usage."
There you have _Y_ as notational programme. To this Hicks was to reply =
(JMK,
CW, p.81):
"I am sorry about using _I_ for income. ... I hadn't the ghost of an =
idea
... that there was any particular sanctity about _Y_, and that it hadn't
just been drawn out of a hat."
Therefore I conclude that it was Keynes' _General Theory_ which started =
the
convention of Y =3D income.
Michael Ambrosi
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