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The Effective Demand Fraud

Author

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  • Robert W. Clower

    (University of South Carolina)

Abstract

This paper argues that Keynes's "theory of effective demand" merely restates in outwardly novel aggregative terms ideas that are part and parcel of "classical theory," and so adds nothing of substance to orthodox doctrine. The aim of the paper is to impugn neither The General Theory nor contemporary Keynesian Economics, but simply to call attention to the analytical vacuousness of the effective demand theme in Keynes' 1936 analysis.

Suggested Citation

  • Robert W. Clower, 1994. "The Effective Demand Fraud," Eastern Economic Journal, Eastern Economic Association, vol. 20(4), pages 377-385, Fall.
  • Handle: RePEc:eej:eeconj:v:20:y:1994:i:4:p:377-385
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume20/V20N3P377_385.pdf
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    Cited by:

    1. David Colander, 1995. "The Stories We Tell: A Reconsideration of AS/AD Analysis," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 169-188, Summer.
    2. Ingo Barens & Volker Caspari, 1999. "Old views and new perspectives: on reading Hick's 'Mr. Keynes and the Classics'," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 6(2), pages 216-241.

    More about this item

    Keywords

    Effective Demand;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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