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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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The Imperfectionists

The Imperfectionists

(p.155) 8 The Imperfectionists
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter presents an analytical argument on the imperfectionist interpretations of John Maynard Keynes’ theory of output and employment. It provides essential ingredients of a framework for demonstrating the manner in which the classical theory of value may be compatible with Keynes’s principle of effective demand. The chapter concludes with a discussion of the relationship between the long run and the short run in the analysis of output and employment; the change in the notion of equilibrium in modern neoclassical theory; the treatment of uncertainty and expectations; and the relationship between macroeconomics and microeconomics.

Keywords:   imperfectionist, John Maynard Keynes, effective demand, neoclassical theory, macroeconomics, microeconomics

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