This article seeks to redefine the place and role
of Keynes’ principle of preference for liquidity in the post-Keynesian
theoretical system. To do this, it is a question of demonstrating the compatibility,
often called into question, of the principle of preference for liquidity with that
of effective demand and, consequently, with the post-Keynesian thesis of endogenous
money. It turns out that this compatibility is possible, but at the cost of some
revisions of Keynes’ “General Theory”, in particular, the generalization
of the principle of preference for liquidity to all economic agents. Furthermore,
we show the importance of the principle of preference for liquidity in explaining
not only financial and economic fluctuations, but also their different amplitudes.
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