ABSTRACT
The Keynesian reformation was popular with a large section of the clergy, because he was careful not to offend the dignity of the priests. “Voluntary unemployment” is attributed to “the refusal or inability of a unit of labour, as a result of legislation or social practices or of combination for collective bargaining or of slow response to change or of mere human obstinacy, to accept a reward corresponding to the value of the product attributable to its marginal productivity”. If savers carry out their intention of increasing future consumption, not by ordering goods for future delivery, but by hoarding money, then, instead of revealing their preferences in the market place, they are concealing them. Keynes’s emphasis on the importance of money is not a denial of the immaculate conception of the Walrasian planetary system. The orbits of the heavenly bodies are determined by tastes and technology as revealed in the market place through effective demand and effective offer.
