Marshall, the Keynesian revolution and Sraffa's significance

Based on Geoffrey Harcourt's Palgrave volumes, this review article attempts to picture how, in a Cambridge environment, Keynes's fragmentary monetary theory of production grew organically out of Marshall's equally fragmentary monetary theory of exchange. The dangers associated with Keynes's close links with Marshall are alluded to. Indeed, without taking account of the classical spirit of Sraffa's work, Keynes's monetary theory may quite easily be integrated into the Marshallian-neoclassical framework of analysis. However, theorising, not literally, but in the spirit of Keynes and Sraffa, within a Ricardian-Pasinettian framework of vertical integration, opens the way to a Classical-Keynesian monetary theory of production.