Aggregate Effective Demand

Brendan Sheehan
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Brendan Sheehan: Leeds Metropolitan University

Chapter 3 in Understanding Keynes’ General Theory, 2009, pp 36-65 from Palgrave Macmillan

Abstract: Abstract In the General Theory Keynes finally breaks with Say’s law.1 In its place he outlines a theory of what determines aggregate income, output and employment in which the central unifying concept of aggregate effective demand plays the leading role. Effective demand is the single most important idea in Keynes’ General Theory model. It is essential that the reader has a proper appreciation of this category of analysis.2

Keywords: Aggregate Demand; Factor Cost; Labour Unit; Equilibrium Volume; Capital Equipment (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23285-3_3

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DOI: 10.1057/9780230232853_3

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