Definitions and Taxonomy of Keynes’s Revolution

Paul Davidson

Chapter 3 in International Money and the Real World, 1992, pp 29-68 from Palgrave Macmillan

Abstract: Abstract Physical scientists, with the aid of modern technology, claim to observe phenomena beyond the recognition of the average layman. These scientists are, therefore, free to invent language (e.g. the quark) to describe the hypothetical causes of observable events. Economists, on the other hand, are destined to discuss phenomena which all but the youngest among us have observed and experienced. Thus, as soon as we are out of our infancy, we all (including the most feeble-minded among us) are ‘economists’ able to discourse on what are the causes of inflation, unemployment, deficits, with ease and expertise. After all, everyone knows what money is; all have experienced price rises; from childhood on, we are taxed on our purchases and are recipients of government services.

Keywords: Capital Good; Aggregate Demand; Full Employment; Market Maker; Fixed Capital (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37809-4_3

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DOI: 10.1057/9780230378094_3

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