"Nearly all modern business-cycle analysts follow the same course, though few as consciously as Schumpeter. The ‘Keynesians’ for example, pay little attention to subjectivevalue problems except when they speak ex professo of ‘pure theory,’ which, since it is furthest removed from real problems, is naturally the last stronghold of obsolete ideas. Demand plays a very important role in their analysis, but what they have to say about it is dominated by the distribution of income, that is to say by the existing relations of production. It is perhaps no exaggeration to say that the importance of the Keynesian contribution stems largely from the fact that here for the first time since Ricardo orthodox economics accords to the real relations of capitalist production reasonable weight in the analysis of the capitalist process. It would be a further step forward if the Keynesians could be brought to realize that this is what they are doing."