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Say's Law and the Keynesian Revolution - How Macroeconomic Theory Lost its Way (Hardcover, UK ed.)
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Say's Law and the Keynesian Revolution - How Macroeconomic Theory Lost its Way (Hardcover, UK ed.)
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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. The volume provides a robust and innovative exposition of
the crucial point of division between classical and Keynesian
economics, demonstrating that the role of demand deficiency was the
fundamental issue at stake. Steven Kates first discusses Keynes's
interpretation of Say's Law before documenting its development
within classical theory. He then charts the development of
post-General Theory interpretations of Say's Law, challenging
Keynes's definition which was captured in the phrase 'supply
creates its own demand'. The author also attempts to unravel the
vast literature on the progress made by Keynes between his Treatise
on Money published in 1930 and the General Theory, published six
years later. He suggests that the crucial point in the origins of
the General Theory was Keynes's discovery of Malthus's writings on
Say's Law at the very depths of the Great Depression in 1932. This
provocative book will be required reading for scholars and students
interested in the history of economic thought, the history of
macroeconomics and the Keynesian revolution.
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