The Principle of Effective Demand

Gordon A. Fletcher
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Gordon A. Fletcher: The University of Liverpool

Chapter 6 in The Keynesian Revolution and its Critics, 1987, pp 58-67 from Palgrave Macmillan

Abstract: Abstract The neutral-money, real-exchange economy of economic orthodoxy is typically encapsulated in a theoretical model which assumes away the uncertainties and foibles of the real world by allowing full information and perfect foresight. With given resources and known wants, it would be possible to formulate plans which would produce optimal results for each individual; while for the economy as a whole a path consistent with equilibrium would be determined from the outset.

Keywords: Aggregate Demand; Perfect Foresight; Effective Demand; Marginal Propensity; Supply Price (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-08736-5_6

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DOI: 10.1007/978-1-349-08736-5_6

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