Reviving Keynes’s Revolution

Louise Davidson

Chapter 43 in Money and Employment, 1990, pp 567-580 from Palgrave Macmillan

Abstract: Abstract Addressing The General Theory chiefly to his ‘fellow economists’ (1936, p. v), Keynes insisted that the postulates of the classical theory are applicable to a special case only and not to the general case … Moreover, the characteristics of the special case assumed by the classical theory happen not to be those of the economic society in which we actually live, with the result that its teaching is misleading and disastrous if we attempt to apply it to the facts of experience, (ibid., p. 3)

Keywords: Rational Expectation; Aggregate Demand; Full Employment; Aggregate Supply; Actual Income (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-11513-6_44

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