The purpose of these notes is to combine Sraffa’s classical theory of value and distribution and Keynes’ theory of employment on a long-period basis. This raises two issues, one related to the nature of investment, the other to the treatment of production. Keynes treats investment on a behavioural and psychological level: in the face of uncertainty about the future long-period expectations govern the level of investment which, together with other autonomous variables, determines employment in the short period via the multiplier. If the long period is considered, however, investment, like consumption, must be induced, depending upon the capital stock required to produce long-period output. Net investment leads to an expansion of the capital stock and hence to growth; replacement investment is required to maintain the existing capital stock. The long-period rate of growth is governed by the growth of the autonomous variables, i.e. government expendi - tures and exports.