The Practical Theory of the Future

Brendan Sheehan
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Brendan Sheehan: Leeds Metropolitan University

Chapter 6 in Understanding Keynes’ General Theory, 2009, pp 112-121 from Palgrave Macmillan

Abstract: Abstract With Say’s law the classical school has little need for an explicit macroeconomic theory of investment. Moreover when the classical school does discuss investment demand, the calculus of probability means that they seriously underestimate the capricious nature of longterm profit expectations. Freed from such classical notions, Keynes’ task in the General Theory is to outline a rigorous theory of aggregate fixed investment spending.

Keywords: Classical School; Probable Forecast; Wealth Accumulation; Capital Equipment; Investment Market (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_6

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DOI: 10.1057/9780230232853_6

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