The Keynesian Approach

J. Harvey and M. Johnson
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J. Harvey: University of Reading
M. Johnson: Hatfield Polytechnic

Chapter 4 in Introduction to Macro-Economics: A Workbook, 1973, pp 22-25 from Palgrave Macmillan

Abstract: Abstract Keynes’ analysis was greatly influenced by the inter-war depression, with its unprecedented mass unemployment. As we have seen, the Classical theory could offer no solution except that of cutting wage-rates. How could the economic system (supposedly designed to alleviate the problem of scarcity) result in such poverty and misery?

Keywords: Aggregate Demand; Full Employment; Closed Economy; Investment Expenditure; Effective Demand (search for similar items in EconPapers)
Date: 1973
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-01871-0_4

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DOI: 10.1007/978-1-349-01871-0_4

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