Keynes's Relevance Today

aggregate analysis argued argument assumption average Bank Britain budget C-sector cent changes commodities concept concerning considered constant capital consumption cost of living countries deficit depends determined distribution of income economists effective demand efficiency of capital equation exogenous expenditure fact factors fall finance full employment given growth important income distribution increase industrial inflation interest rates investment J. M. Keynes J. R. Hicks Keynes's level of employment liquidity preference logical long-term expectations marginal efficiency marginal productivity Marx means ment Monetarism monetarists monetary policy money wages neoclassical output period possible post-war price level probability problem propensity to consume quantity of money rate of exploitation rate of interest rate of profit rational expectations real wages real-wage realised reason reduce rentier result rise role sector social spending stability surplus value theory tion trade unions variables wage share Walrasian Walrasian equilibrium