The grand macroeconomics circular tour: from 'the classics' to Keynes, and back again

R.H. Grieve

Research output: Contribution to journalArticle

Abstract

Having noted the fundamental difference between the pre-Keynesian (classical) and Keynesian conceptions of the working of the macro system - i.e. from the one (classical) perspective that aggregate demand naturally accommodates itself to supply, and from the other, that planned aggregate demand is the key determinant of economic activity - this paper goes on to draw attention to the fact that the pre-Keynesian vision has re-emerged as the conventional wisdom as expounded in contemporary mainstream textbooks, a development intimately bound up with the adoption of the highly problematic ADAS model as the expository framework of choice.
Original languageEnglish
JournalGCU Economic Journal
Volume16
Issue number2
Publication statusPublished - 2011

Keywords

  • macroeconomics
  • keynes

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