Re: Some questions

[Paul Davidson <PB108928%UTKVM1.BITNET@xxxxxxxxxxxxxxxxx>]

FROM:  Paul Davidson
"      Economics Department
"      523 Stokely Management Center     974-4221
Dear Doug: Keynes was not trying to neutralize the capitalist -- only the renti
er. He recognized (on page 372) thatthe two outstanding "faults" of the "econom
ic society in which we live is its failure to provide for full employment and i
ts arbitrary and inequitable distribution of waelth and income". The bearingon
the first of these is obvious". The last chapter of THE GENERAL THEORY indicate
d that he had some relevant things to say about the second fault as well -- mai
nly that entrepreneurial spirit was still imnportant  and that it was not state
ownership of the means of production that was important-- only control of thein
come received from ownership (an incomes policy?). He believed it necessary to
have a "socialization of invesmtnet" to maintain aggregate demand -- and he did
 not thing that equality of income was a good thing per se. Paul Davidson

Have a good day!