Seems that We Have a Failure to Coordinate

Colin Read
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Colin Read: SUNY College at Plattsburgh

Chapter 15 in Global Financial Meltdown, 2009, pp 124-131 from Palgrave Macmillan

Abstract: Abstract When John Maynard Keynes recognized that Say’s Law, supply creates its own demand, may not always work, he shocked his classical economist colleagues. The classical school was one of permanent equilibrium, unless of course some irrational animal spirits plunges us, presumably temporarily, into disequilibrium. Keynes was the first to create a consistent theory that explains how an economy can be in a persistently bad state of affairs.

Keywords: Monetary Policy; Central Bank; Unemployment Insurance; High Education Sector; Coordination Failure (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59518-7_15

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DOI: 10.1057/9780230595187_15

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