original and valuable addition to the armoury of economic analysis". He later said that he had come with the passage of time to feel that he had failed earlier to appreciate some of the important things that Keynes was trying to say.

Keynes, in turn, was very critical of Pigou, mentioning Pigou at least 17 times in The General Theory of Employment, Interest and Money, usually disparagingly. Keynes states that "[Pigou] is unable to devise any satisfactory formula