Classical Macroeconomic Theory: The Special Case

Brendan Sheehan
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Brendan Sheehan: Leeds Metropolitan University

Chapter 2 in Understanding Keynes’ General Theory, 2009, pp 9-35 from Palgrave Macmillan

Abstract: Abstract It might be thought strange that a book setting out to understand the General Theory model starts by examining the classical theory, but there are good reasons for this. In the General Theory Keynes constantly makes reference to the classical theory pointing out its errors and showing how the General Theory model takes a fresh and distinctive approach to analysing a macroeconomy.1 This should not be a surprise for Keynes was trained as a classical economist having a foremost follower of Ricardo, Alfred Marshall, as a teacher.2 Indeed Keynes for a time was a leading classical economist, making noteworthy contributions to monetary theory in the 1920s.3 Keynes took time to free himself from the chains of his classical background. In part the General Theory is a cathartic exercise for Keynes as he finally breaks the classical umbilical cord.

Keywords: Real Wage; Money Supply; Aggregate Demand; Fisher Equation; Effective Demand (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23285-3_2

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DOI: 10.1057/9780230232853_2

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