Titlebook: Understanding Keynes’ General Theory; Brendan Sheehan Book 2009 Brendan Sheehan 2009 economic theory.employment.John Maynard Keynes.Keynes

constitute

SCORE

Commodious

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The Propensity to Consume and the Multiplier,in total economic activity. From the classical perspective consumption spending is unproductive, acting as a fetter on the amount a community saves and invests, thereby retarding long-term economic growth. Having rejected Say’s law Keynes is able to properly appreciate the central role of aggregate

神經

Consumption and Effective Demand, is to make clear the connections between the materials in Chapters 3 and 4. Keynes alludes to these linkages in the . but does not amplify them. The chapter will demonstrate that, given the level of aggregate investment spending, the value of the propensity to consume determines effective demand; i

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The Practical Theory of the Future,s investment demand, the calculus of probability means that they seriously underestimate the capricious nature of longterm profit expectations. Freed from such classical notions, Keynes’ task in the . is to outline a rigorous theory of . fixed investment spending.

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Digest

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Money Wages, Employment and Effective Demand,oney wages to change and this chapter will explain the implications of this for the General Theory model. In the process the chapter explodes the most erroneous myth perpetrated by mainstream Keynesians: that Keynes’ General Theory model . money wages are constant. Nothing is further from the truth.

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