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Keynes versus the Post Keynesians on the Principle of Effective Demand

The American Post Keynesians – those who attach importance to the ‘Big P’ and the absence of a dash between ‘post’ and ‘Keynesian’ – claim to be Keynes’s most literal interpreters, or the ‘truest’ Keynesians (HOLT ET AL., 1998, p. 17). This paper compares the Post Keynesian interpretation of the Principle of Effective Demand, i.e. the D/Z-model, with Keynes’s own presentation in Chapter 3 of the General Theory – and finds substantial differences. A reinterpretation of the D/Z-model is offered that would bring it into line with Chapter 3.

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Paper provided by KOF Swiss Economic Institute, ETH Zurich in its series KOF Working papers with number 04-88.

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Length: 49 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:kof:wpskof:04-88
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  1. Richard P. F. Holt & J. Barkley Rosser & L. Randall Wray, 1998. "Paul Davidson's Economics," Economics Working Paper Archive wp_251, Levy Economics Institute.
  2. Hicks, J. R., 1987. "Methods of Dynamic Economics," OUP Catalogue, Oxford University Press, number 9780198772873, March.
  3. Paul Wells, 1987. "Keynes's Employment Function and the Marginal Productivity of Labor," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 9(4), pages 507-515, July.
  4. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-25, June.
  5. repec:zbw:esmono:92556 is not listed on IDEAS
  6. Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457, June.
  7. Nell,Edward J., 1998. "The General Theory of Transformational Growth," Cambridge Books, Cambridge University Press, number 9780521590068.
  8. Casarosa, Carlo, 1981. "The Microfoundations of Keynes's Aggregate Supply and Expected Demand Analysis," Economic Journal, Royal Economic Society, vol. 91(361), pages 188-94, March.
  9. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
  10. J. A. Kregel, 1985. "Sidney Weintraub's Macrofoundations of Microeconomics and the Theory of Distribution," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 7(4), pages 540-558, July.
  11. Hamouda, Omar F & Harcourt, G C, 1988. "Post Keynesianism: From Criticism to Coherence?," Bulletin of Economic Research, Wiley Blackwell, vol. 40(1), pages 1-33, January.
  12. Palley, Thomas I, 1997. "Expected Aggregate Demand, the Production Period and the Keynesian Theory of Aggregate Supply," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(3), pages 295-309, June.
  13. Giuseppe Fontana, 2004. "Hicks on monetary theory and history: money as endogenous money," Cambridge Journal of Economics, Oxford University Press, vol. 28(1), pages 73-88, January.
  14. Gilbert Koenig, 1980. "Les fondements microéconomiques du principe de la demande effective," Revue Économique, Programme National Persée, vol. 31(3), pages 430-464.
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