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Keynes and the Classics

In: Macroeconomic Models and Controversies

Author

Listed:
  • Giuseppe Chirichiello

    (University ‘La Sapienza’)

Abstract

Neoclassical theory is basically a theory of prices and efficient allocation of resources. Before the Keynesian revolution it did not include a theory of national income and employment. According to Keynes (Keynes, 1936), the neoclassical view of national income and employment was best described as the tendency towards full employment which was demonstrated, or rather justified, by accepting Say’s law (Say, 1828). A popular version of this law asserts that ‘supply always creates its own demand’, meaning that, in general, there can be no overproduction.

Suggested Citation

  • Giuseppe Chirichiello, 1994. "Keynes and the Classics," Palgrave Macmillan Books, in: Macroeconomic Models and Controversies, chapter 1, pages 4-54, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37106-4_2
    DOI: 10.1057/9780230371064_2
    as

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