The Keynesian Approach

  • J. Harvey
  • M. Johnson


Keynes’ analysis was greatly influenced by the inter-war depression, with its unprecedented mass unemployment. As we have seen, the Classical theory could offer no solution except that of cutting wage-rates. How could the economic system (supposedly designed to alleviate the problem of scarcity) result in such poverty and misery?


Aggregate Demand Full Employment Closed Economy Investment Expenditure Effective Demand 
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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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