----------------- HES POSTING ----------------- 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 ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]