Say’s Law and the Keynesian Revolution: How Macroeconomic Theory Lost its Way

By Steven Kates

Book Overview

This highly original contribution examines one of the most controversial concepts in the history of economics - the true meaning of the Law of Markets. This has been a contentious issue since the publication of Keynes's General Theory, but has also divided economists since it first emerged almost two centuries ago in the writings of James Mill. This book discusses the change in the understanding of the nature of the business cycle wrought by the General Theory whose major innovation in overturning Say's Law was to introduce demand deficiency into mainstream economic thought.

• Format: Paperback
• Language: English
• ISBN: 1848448260
• ISBN13: 9781848448261
• Release Date: August 2009
• Publisher: Edward Elgar Publishing
• Length: 264 Pages
• Weight: 0.95 lbs.
• Dimensions: 9.0" x 0.8" x 6.3"