From chapter 3:
The effective demand associated with full employment is a special case, only realised when the propensity to consume and the inducement to invest stand in a particular relationship to one another.
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I've been hearing the phrase "late capitalism" for so long that I'm forced to conclude that the very concept of late cap...
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It is surely true that the price level cannot rise without a corresponding increase in the quantity of money or velocity or use of credit. ...
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As I write this it is mid-October in an even-numbered year. Elections are weeks away. Yesterday, I saw Republican candidates heavily adver...
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Went to Harbor Freight the other day. When I left, there was so much traffic I had to fight my way out of the parking lot -- at one p.m. on ... -
I'm not a fan of "diagrams" in economics, but sometimes... This is a screen capture of slide 36 from a SlideShare presentatio...
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From my Keynes and Civilization:
Late in the General Theory, in chapter 24, section iii, Keynes summarizes his recommendations as "the task of adjusting to one another the propensity to consume and the inducement to invest". In other words, the task is to correct the imbalance between the two factors we noted previously, when we found similarities between Keynes and Carroll Quigley, author of The Evolution of Civilizations.
Keynes described the task as "the only practicable means of avoiding the destruction of existing economic forms in their entirety". There are not very many things that can destroy an economic system "in its entirety". One that can is a Dark Age.
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