Central to Keynes's indictment of classical economic analysis is the fundamental Keynesian proposition: a monetaty economy will not in general tend towards filll employment unaided by government policy. Analysis of this proposition in the context of conventional static macroeconomic theory is surely a prologue at best; examining models in which investment occurs, but accumulation of productive capital does not, is merely postponing the issue. The validity of the Keynesian proposition must ultimately be determined in the context of growth theory.