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Clower on Effective Demand

Author

Listed:
  • Peter Skott

    (University of Aarhus)

  • Amitava Krishna Dutt

    (University of Notre Dame)

Abstract

This note examine's Clower's recent criticisms of Keynes' theory of effective demand and argues that Keynes added much to Marshallian theory when he extended to the aggregate level, that his theory does have implications for unemployment without requiring wage rigidity, that his theory does not depend on the non-clearance of the good market, and the main difference between Keynes and the Keynesians concerns the consequences of wage-price flexibility.

Suggested Citation

  • Peter Skott & Amitava Krishna Dutt, 1996. "Clower on Effective Demand," Eastern Economic Journal, Eastern Economic Association, vol. 22(1), pages 89-96, Winter.
    • Handle: RePEc:eej:eeconj:v:22:y:1996:i:1:p:89-96
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume22/V22N1P89_96.pdf
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    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; Modern Monetary Theory

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