Keynes and Steuart: The Aggregate Versus the Intersectoral Demand Theory of Output

Hong-Seok Yang
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Hong-Seok Yang: Dongeui University

Korean Economic Review, 1996, vol. 11, issue 2, 171-190

Abstract: In this.paper, an attempt is made to cast a new light upon J.M. Keynes's 'pri-nciple of effective demand' in his General Theory and to trace one of its cognates in Sir James Steuart's Inquiry, i.e., what he himself called the 'political effects of lux-ury'. As they are compared in terms of modern macroeconomic theory and policy, both similarities and differences are discussed in some major details of the respective theories.

Date: 1996
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