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Lectures on John Maynard Keynes’ General Theory of Employment, Interest and Money (3): Chapter 3, “The Principle of Effective Demand”

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  • Brian S. Ferguson

    ()
    (Department of Economics and Finance, University of Guelph)

Abstract

In Chapter 3 of the General Theory, Keynes sketches out what he calls the essence of the General Theory of Employment. He introduces the Keynesian expenditure-based model, his aggregate demand function and also his aggregate supply function, a concept which spawned much debate among Post-Keynesian economists but which was, for a long time, virtually ignored in mainstream macroeconomics. He sets out the Savings = Investment version of Say’s Law and outlines how an economy can settle into an equilibrium at less than full employment.

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File URL: http://www.uoguelph.ca/economics/repec/workingpapers/2013/2013-08.pdf
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Bibliographic Info

Paper provided by University of Guelph, Department of Economics and Finance in its series Working Papers with number 1308.

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Length: 28 pages
Date of creation: 2013
Date of revision:
Handle: RePEc:gue:guelph:2013-08

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Keywords: Keynes; General Theory; Keynesian Economics; Classical Economics; Aggregate Demand; Aggregate Supply; Unemployment Equilibrium; Say’s Law.;

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