The Failure of the "New Economics"

adjustment aggregate demand aggregate supply amount analysis argument assert assume assumption average borrowing business cycle cause cent Chapter classical theory commodities concept confusion consumption consumption function cost definition demand curve doctrine economic economists effective demand efficiency of capital entrepreneurs equal equations equilibrium exist expectations fact factors fallacies full employment function future increase individual industry inflation interest rates italics John Maynard Keynes Keynes's Keynes's theory Keynesian Keynesian economics labor Ludwig von Mises marginal efficiency mathematical mean ment merely monetary money wage-rates money-wages multiplier national income never nomics output Pigou ployment precisely production propensity to consume purchasing power rate of interest real wage-rates real wages reduce refutation relationship Ricardo rise saving and investment Say's Law sell simply speculative spending static statistical supply theory of employment theory of interest thing time-preference tion true wage-rates wage-units wheat whole workers writes yield