Classical Competition, Keynesian Adjustment and Composite Dynamics: A Critical Perspective

Abstract

Recent literature on a classical cross-dual dynamics has argued the need to supplement these dynamics with short-run dual adjustments interpreted, for the most part, as Keynesian. This paper provides a critique of the implied interpretation of Keynes's insights into the nature of capitalism; and suggests, in line with other recent interpretations, an alternative Keynesianism incorporating short-run and long run aspects. Issues raised in relation to the task of integrating classical cross-dual dynamics and this alternative view of Keynesian are also explored.