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As is well known, Keynes, in The General Theory, denied the first sort (without denying the latter).1 Keynes (1936) argued that (exogenous) changes in the supply of money tend systematically to induce changes in both V and
Thus Marget's book did not deal with The General Theory, on which a second volume was promised.1 He criticized Keynes for confusing the quantity equations with the quantity theory.
Keynesians of all shades have generally misunderstood the theoretical structure of The General Theory.
Old Keynesians generally took Knight's (1937) advice to ignore the claim to revolution in economic theory and to simply treat The General Theory as another contribution to the theory of business cycles.
For Keynes (quoted in Bibow, 2009, p. 197), however, the Pigou effect was just 'too fantastic for words' and in chapter 19 of The General Theory Keynes describes wage and price stickiness as the 'classical' explanation for unemployment to be contrasted with his explanation, in terms of the principle of effective demand, where the flexibility of nominal wages and prices cannot automatically shift long-period equilibrium to full employment.
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