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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

Chapter:
(p.155) 8 The Imperfectionists
Source:
The Fall and Rise of Keynesian Economics
Author(s):

John Eatwell

Murray Milgate

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199777693.003.0008

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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