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In The General Theory, John Maynard Keynes broke with the quantity theory of money, not just in working out a monetary theory of production but, as he says, in arguing the case for a monetary theory of value. Keynes writes (CW, 7, pp. xxii-xxiii):A monetary economy, we shall find, is essentially one in which changing views about the future are capable of influencing the quantity of employment and not merely its direction. But our method of analyzing the economic behaviour of the present under the influence of changing ideas about the future is one which depends on the interaction of supply and demand, and is in this way linked up with our fundamental theory of value. We are thus led to a more general theory, which includes the classical theory with which we are familiar, as a special case.

Cover -- Title -- Copyright -- Table Of Contents -- ACKNOWLEDGMENTS -- INTRODUCTION -- Chapter 1. Scott Gordon: An Appreciation -- Chapter 2. The Welfare Implications of International Intergovernmental Cooperation -- Comments on Albert Breton's Paper -- Chapter 3. Origins of Theories of Organization: The Common Property Root -- Comments on the Acheson and Ferris Paper -- Chapter 4. Luncheon Remarks" A tribute to Scott Gordon -- Chapter 5. Keynesian Policy Analysis, Rational Expectations, and the Bank of Canada -- Comments on Peter Howitt's Paper -- Chapter 6. The Case for a Descretionary, Politically Responsible Central Bank -- Comments on Thomas K. Rymes' Paper -- Chapter 7. Dinner Remarks -- PUBLICATIONS OF H. SCOTT GORDON.

This book presents new estimates of the sources of economic growth in Canada. The experimental measures account for the reproducibility of capital inputs in an input-output framework and show that advances in technology are more important for economic growth than previously estimated. Traditional measures of multifactor productivity advance are also presented. Extensive comparisons relate the two approaches to each change and labour productivity. The book will be of interest to macroeconomists studying economic growth, capital accumulation, technical advance, growth accounting, and input-output analysis