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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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Theories of Value, Output, and Employment

Theories of Value, Output, and Employment

(p.192) 10 Theories of Value, Output, and Employment
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter examines alternative theories of the determination of the general level of output in light of theories of value with which they are associated. It interprets the Keynesian analysis within the framework of orthodox neoclassical general equilibrium theory and the relation of John Maynard Keynes’ principle of effective demand to the framework of an economic analysis dating back to the classical economists and Karl Marx. The chapter concludes with a discussion of the relationship between saving and investment, which it states provides the crucial link between a theory of output and theory of value.

Keywords:   Keynesian analysis, orthodox neoclassical general equilibrium theory, John Maynard Keynes, effective demand, classical economists, Karl Marx, theory of output, theory of value

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