The Fall and Rise of Keynesian Economics

By John Eatwell; Murray Milgate | Go to book overview

10
Theories of Value, Output,
and Employment

Theories of value and theories of the general level of output (as opposed to theories of the output of particular commodities) are often treated separately, too little regard being paid to the congruence of the particular theories advanced. The objective of this chapter is to examine alternative theories of the determination of the general level of output in the light of the theories of value with which they are associated. The ultimate purpose of the exercise is to suggest a critique of attempts to reinterpret Keynesian analysis within the framework of orthodox neoclassical general equilibrium theory (microeconomics) and to contribute to the constructive task of relating Keynes’s principle of effective demand to the framework of an older tradition of economic analysis dating back to the classical economists and Marx.

The first section of this chapter is devoted to a discussion of the longperiod method in theories of value and theories of output. The second and third sections deal with theories of output set within the framework of classical and Marxian analyses—first the classical version of Say’s Law, then Marx’s rejection of Say’s Law and his discussion of the possibility of crises. The fourth section presents the neoclassical version of Say’s Law, exemplified by Irving Fisher’s theory of investment. The fifth section turns to Keynes’s theory of output as presented in the General Theory and subsequent articles, and the sixth section presents the interpretation of the General Theory generally known as the Neoclassical Synthesis. The seventh section is devoted to a critique of general-equilibrium analyses of rationing and unemployment. Finally, in the eighth and ninth

-192-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
The Fall and Rise of Keynesian Economics
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 423

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.