The General Theory - Ch. 3

Effective Demand

In chapter 3 of the General Theory, we finally meet the main character of the story: Effective Demand. Pretty much anything interesting in the Keynesian system tracks back to Effective Demand at some point, whether it’s caused by movements in demand, or causes movements, or both at once. It’s like Desire in the Freudian system or Geist in Hegel. The wor…

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