By Murray Milgate
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Additional resources for Capital and Employment. A Study of Keynes's Economics
Might cause substantive changes . . But all this was at a second level of approximation, representing relatively transient aberrations" (1968, pp. 170-171). (See also Robinson, 1971, pp. ) f As an example of how monetary forces might be used one could argue (at the level of theory) that the rate of profit is determined under the permanent influence of the financial system (even when the banking system follows so-called 'neutral policies'); a possibility which has been suggested by both Keynes and Sraffa and one to which we will return in a later chapter.
VII, p. 120). III. THE TRADITIONAL LONG-PERIOD METHOD 31 these 'existing tendencies' (which will reveal the fundamental determining causes) and those of a transitory nature "in applying economic doctrines to practical problems" (p. 347) where "the general conditions of life are not stationary" (p. 347). As Marshall goes on to argue forcefully: the hypothesis of a stationary state . . is merely provisional, used only to illustrate particular steps in the argument, and to be thrown aside when that is done (1961, p.
I; p. ). And it will be recalled from the previous chapter that these movements do not number among the determining circumstances of the long-period normal variables, rather they are statements about the future development of the economic system. Thus one will not find in Ricardo's long-period theory the idea that a decrease in the wage-rate will lead to greater employment with an unchanged 'quantity of capital' (but of different physical composition) because of the possibilities for 'substitution' in production and consumption opened up by the change in relative prices consequent upon the fall in wages.