The Propensity to Consume and the Multiplier *

While it is fun to play the game of guessing what Keynes might have written had he published a second edition of The General Theory (G.T.) ¹ in the late 1930s, it is sensible (as far as possible) to base the speculation on writings that Keynes produced to counter critical reactions to and misunderstandings of G.T.; it seems reasonable to assume that Keynes would have taken the opportunity offered by a second edition to clarify some of the concepts that had caused problems to readers of the first edition and to deal with substantive criticisms.