On Keynes’s Method by Anna M. Carabelli

By Anna M. Carabelli

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56). So, on the problem of the choice of the unit of measurement, while the classical theory of value based on physical labour was influenced by the concept of 'force' of physical theory, Keynes's view was primarily institutionally oriented. Finally, it might be interesting to recall that it was in the late 1920s, while Keynes was writing A Treatise on Money and paying again great attention to the problem of measurement, that Sraffa started working on what was then to become Production of Commodities by Means of Commodities.

In line with his view of truth as an intrinsic and absolute property of ideas, he maintained that we can have ideas which are true but which we are unable to verify (Moore, 1907-8, p. 103). In dealing with Keynes's approach to inductive reasoning we will meet a similar attitude towards pragmatism. 3). 12 What distinguished Moore's approach to knowledge, associated with his rejection of empiricism, was his defence of common sense. Moore's attitude was here in open contrast with Russell's view, by which positive science absorbed all forms of knowledge.

A theory, such as that advanced in The General Theory, which took money wages as institutionally 'untouchable', could not but adopt such a solution. As Keynes had already pointed out in A Treatise on Money, 'the answer must depend on whether, in the given circumstances of a particular economic society, it is better that changes in the efficiency of human effort should be reflected in 46 On Keynes's Method changed money earnings or in changed money prices' (TP, CW V, p. 56). So, on the problem of the choice of the unit of measurement, while the classical theory of value based on physical labour was influenced by the concept of 'force' of physical theory, Keynes's view was primarily institutionally oriented.

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