Clássicos versus Keynes: a abordagem formal de David Champernowne

Abstract

This paper aims at emphasizing a feature that has been somewhat neglected by studies dealing with the formalization of John Maynard Keynes's General Theory of Employment, Interest and Money (1936). Specifically, this paper stresses the formalization strategy David G. Champernowne applied in his essay "Unemployment, Basic and Monetary: the classical analysis and the Keynesian", published in 1935-36 in the Review of Economic Studies. We underline the fact that he distinguishes the Classical Analysis from the Keynesian not only by means of the different assumptions underlying each theory but mainly through the construction of sub-systems based on a general system, with distinctive recursive features (causal relations). His literary explanations, the algebraic descriptions of the behavioral functions and of the equilibrium conditions and his diagrammatical illustrations as well as the choice of specific groups of variables to stand for each of these theories (and variants) are features of this Champernowne's essay that deserve a more attentive assessment.