The Effective Demand Fraud

Abstract

This paper argues that Keynes's "theory of effective demand" merely restates in outwardly novel aggregative terms ideas that are part and parcel of "classical theory, " and so adds nothing of substance to orthodox doctrine. The aim of the paper is to impugn neither The General Theory nor contemporary Keynesian Economics, but simply to call attention to the analytical vacuousness of the effective demand theme in Keynes' 1936 analysis.

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