By Ben Fine
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Extra resources for Economic Theory and Ideology
The 'classical' theory of money was extremely underdeveloped, but not in the sense that the functions of money were not recognized. That money is a means of payment, unit of account and store of value was as well recognized in the nineteenth century as it is now. However, as is easily seen, money plays no role in the construction of the stationary state, in theorizing general equilibrium and in analysing the deviations from these organizing concepts of 'classical' theory. Money simply acts as the neutral Keynes and 'Classical' Theory 33 medium through which exchange takes place.
Labour services of value V t plus V 2 are supplied to the economy as a whole. We shall assume that all profits are spent on consumption goods. l. Sector 1 buys V t from workers and St from sector 2, which in turn buys C 2 from sector 1 and V2 from workers, who buy V t and V2 from sector 2 having sold total labour services of that value. Effective Demand, the Multiplier and Involuntary Unemployment 37 Now suppose that a worker became unemployed, say in sector 1: Then he is unable to purchase wage goods from sector 2, which in turn is unable to purchase investment goods from sector 1, having found deficient demand for its consumption goods.
It is important to emphasize that we have only been dealing with commodity markets so that money is not only a veil but also excluded. We return to this below as a point of departure for Keynesian from pre-Keynesian economics. In addition, we have only been considering notional supply and demand. Now, to obtain Say's Law, we make the heroic assumption that each notional supply and demand is not simply confined to the individual's head but makes its presence felt on the market concerned. Consequently, if a supply meets a demand and vice-versa, all is well and good.