Crisis and Say's law: perspectives of Marx and Keynes

Tiagi Camarinha Lopes

International Journal of Management Concepts and Philosophy, 2011, vol. 5, issue 3, 231-242

Abstract: This article presents the process of theorising the crisis by analysing the contradictions between the experiences of business and economic theory during moments of depression. It is argued that mainstream economics excludes the study of crisis up to the moment of crash, when the discrepancy between theory and reality becomes explicit. This paper argues that the development of the theory of crisis is impeded by the broad utilisation of models based on the validity of Say's law. It presents the perspectives of Marx and Keynes on this issue and emphasises their differences.

Keywords: economic crisis; business schools; economists; macroeconomics; neoclassical economics; history of economic thought; political economy; Say's law; Keynes; Marx. (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijmcph:v:5:y:2011:i:3:p:231-242

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