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Say’s Law and the Keynesian Revolution

Author

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  • Steven Kates

Abstract

This highly original contribution examines one of the most controversial concepts in the history of economics – the true meaning of the Law of Markets. This has been a contentious issue since the publication of Keynes’s General Theory, but has also divided economists since it first emerged almost two centuries ago in the writings of James Mill. This book discusses the change in the understanding of the nature of the business cycle wrought by the General Theory whose major innovation in overturning Say’s Law was to introduce demand deficiency into mainstream economic thought.

Suggested Citation

  • Steven Kates, 1998. "Say’s Law and the Keynesian Revolution," Books, Edward Elgar Publishing, number 1406.
    • Handle: RePEc:elg:eebook:1406
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    File URL: http://www.e-elgar.com/shop/isbn/9781858987484
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    Citations

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    Cited by:

    1. Bruce E. Kaufman, 2009. "Promoting Labour Market Efficiency and Fairness through a Legal Minimum Wage: The Webbs and the Social Cost of Labour," British Journal of Industrial Relations, London School of Economics, vol. 47(2), pages 306-326, June.
    2. James C. W. Ahiakpor, 2004. "On the Future of Keynesian Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 63(3), pages 583-608, July.
    3. Bruce E. Kaufman, 2012. "Wage Theory, New Deal Labor Policy, and the Great Depression: Were Government and Unions to Blame?," ILR Review, Cornell University, ILR School, vol. 65(3), pages 501-532, July.
    4. Ionela Baltatescu, 2014. "Eu Type Of Austerity: Brief Analysis And Criticism," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 2(2), pages 85-92, November.

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General

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