Say's Law becomes the target Keynes has to overthrow
Citations (2)
- Jean-Baptiste Say, "Of the Demand or Market for Products" whole source
Primary source for Say's demand/market argument.
- The General Theory of Employment, Interest and Money whole source
Keynes's opening theoretical target is the classical doctrine that demand cannot be deficient in aggregate.
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Consequences
what this set in motion, following the causal links
- preceded Publication of The General Theory 1936 The General Theory opens by rejecting the classical assumption that deficient demand cannot persist.
- enabled Hicks turns Keynes into the IS-LM diagram 1937 Hicks formalized a teachable model from Keynes book.
- enabled Congress passes the Employment Act of 1946 1946 Keynesian economics made full-employment policy intellectually legible after the war.
- preceded Samuelson's Economics mainstreams the Keynesian synthesis 1948 Policy adoption and textbook synthesis reinforced each other in the postwar settlement.
People
- Jean-Baptiste Say originator
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Linked events (1)
- this preceded Publication of The General Theory