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Tag Archives: Geoff Tilly

Dirk Ehnts — Keynes on Savings and Investment

Geoff Tily in his paper on Keynes (pdf) has this quote (from the Collected Writings): S = I at all rates of investment. Y either definable as C+S or as C+I. S and I were opposite facets of the same phenomenon they did not need a rate of interest to bring them into equilibrium for they were at all times and in all conditions in equilibrium. (CW XXVII, pp 388–9) This is very enlightening. The “General Theory” also contained the issue of savings and investment, but the quote above nails it....

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