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Seems that We Have a Failure to Coordinate

In: Global Financial Meltdown

Author

Listed:
  • Colin Read

    (SUNY College at Plattsburgh)

Abstract

When John Maynard Keynes recognized that Say’s Law, supply creates its own demand, may not always work, he shocked his classical economist colleagues. The classical school was one of permanent equilibrium, unless of course some irrational animal spirits plunges us, presumably temporarily, into disequilibrium. Keynes was the first to create a consistent theory that explains how an economy can be in a persistently bad state of affairs.

Suggested Citation

  • Colin Read, 2009. "Seems that We Have a Failure to Coordinate," Palgrave Macmillan Books, in: Global Financial Meltdown, chapter 15, pages 124-131, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59518-7_15
    DOI: 10.1057/9780230595187_15
    as

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