Macroeconomic Demand Management

G. R. Steele
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G. R. Steele: University of Lancaster

Chapter 10 in Monetarism and the Demise of Keynesian Economics, 1989, pp 101-110 from Palgrave Macmillan

Abstract: Abstract According to Keynes, the mercantilist preoccupation with the trade balance was not (as Classical economics insisted) ‘little better than nonsense’. Given that the rate of interest and the level of investment do not self-adjust to levels compatible with full employment, there was an ‘element of scientific truth’ in this disgraced doctrine.

Keywords: Interest Rate; Rational Expectation; Private Expenditure; Trade Balance; Full Employment (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09994-8_10

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DOI: 10.1007/978-1-349-09994-8_10

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