"I shall argue that the postulates of the classical theory are applicable to a special case only and not the general case, the situation which it assumes being a limited point of the possible positions of equilibrium. Moreover, the characteristics of the special case assumed by the classical theory happen not to be those of economic society which we actually live, with the result that its teaching is misleading and disastrous if we attempt to apply it to the facts of experience" Chapter 1 The General Theory J.M.Keynes
Posted on: Sun, 25 Aug 2013 02:42:27 +0000
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