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The Principle of Effective Demand: The Key to Understanding the General Theory

In: Keynes’s General Theory After Seventy Years

Author

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  • Colin Rogers

Abstract

It is generally acknowledged that the General Theory is enigmatic. On the one hand Keynes’s claimed to be presenting a theoretical revolution. Yet on the other hand the majority of Keynes’s contemporaries immediately concluded that the General Theory was nothing more than a special case of the classical model. The majority of economists have followed Frank Knight’s (1937 [1983, p. 1571) advice to, “... simply ‘forget’ the revolution in economic theory and read the book [the General Theory] as a contribution to the theory of business oscillations”.

Suggested Citation

  • Colin Rogers, 2010. "The Principle of Effective Demand: The Key to Understanding the General Theory," International Economic Association Series, in: Robert W. Dimand & Robert A. Mundell & Alessandro Vercelli (ed.), Keynes’s General Theory After Seventy Years, chapter 9, pages 136-156, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-230-27614-7_10
    DOI: 10.1057/9780230276147_10
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    Cited by:

    1. Kakarot-Handtke, Egmont, 2012. "Crisis and methodology: some heterodox misunderstandings," MPRA Paper 43260, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2012. "The rhetoric of failure: a hyper-dialog about method in economics and how to get things going," MPRA Paper 43276, University Library of Munich, Germany.
    3. Ezzeddine Belgacem Mosbah & Parakramaweera Sunil Dharmapala, 2022. "Evaluating the Effects of COVID-19 and Vaccination on Employment Behaviour: A Panel Data Analysis Acrossthe World," Sustainability, MDPI, vol. 14(15), pages 1-14, August.

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