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Financial Barriers to Demand-led Growth

In: Shaking the Invisible Hand

Author

Listed:
  • Basil John Moore

Abstract

Keynes disagreed strongly with the laissez faire view that market economies possess strong homeostatic properties and if only prices were flexible would tend in the long run towards full employment equilibrium. Keynes emphasized that the future is unknowable and economic behavior nondeterministic. Continuously changing expectations of future aggregate demand (AD) and future profitability drive current investment spending, and govern current AD. He characterized agents’ expectations about future AD as “animal spirits,” self-fulfilling waves of optimism and pessimism about the unknown future state of the economy. This expectations process generates unpredictable fluctuations in future economic activity.

Suggested Citation

  • Basil John Moore, 2006. "Financial Barriers to Demand-led Growth," Palgrave Macmillan Books, in: Shaking the Invisible Hand, chapter 20, pages 454-473, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51213-9_20
    DOI: 10.1057/9780230512139_20
    as

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