The conclusive fault line in Keynesian economics

Peter Smith

Chapter 13 in What’s Wrong with Keynesian Economic Theory?, 2016, pp 235-250 from Edward Elgar Publishing

Abstract: The key to unequivocally undoing Keynesian economics is via the price system. Aggregation leads Keynesian economics down the flawed path of giving primacy to demand instead of to production. In turn, this shifts its focus away from the role of prices in determining the makeup of production and in guiding the economy out of trouble. The damage stimulus expenditure – the epitome of Keynesian policy – inevitably and conclusively does in retarding recovery, by interfering with price signals, is thus buried out of sight.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2016
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