On John Maynard Keynes’ "General Theory of Employment, Interest and Money"
New Books in Economics
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The Theory of Supply and Demand and Prices
Classical economists believe that supply and demand and prices were kind of like a system with a thermostat. According to this theory, boosting production will boost the economy over all. Kaines saw that that was not the way actual economies operated. His argument was that you couldn't rely on interest rates to adjust to a sure enough investment.
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