The ‘Classical’ theory of Full Employment

  • J. Harvey
  • M. Johnson


In putting forward his ‘General Theory’ in 1936, Keynes referred to the ideas of the ‘Classical’ economists, i.e. those economists from Adam Smith (whose Wealth of Nations was published in 1776) down to A. C. Pigou (a Cambridge economist who died in 1959) who believed that market forces, operating through the competitive price system, could be relied upon to eliminate unemployment.


Labour Supply Classical System Consumption Expenditure Full Employment Classical Economist 
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Copyright information

© J. Harvey and Janet Johnson 1973

Authors and Affiliations

  • J. Harvey
    • 1
  • M. Johnson
    • 2
  1. 1.University of ReadingUK
  2. 2.Hatfield PolytechnicUK

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