A Critique of Monetarist and Austrian Doctrines on the Utility and Value of Money
From The Review of Austrian Economics Vol. 1, No. 4, 1987.
From The Review of Austrian Economics Vol. 1, No. 4, 1987.
Keynes’s theory of Aggregate Expenditures from the General Theory is examined and criticized. Keynes suggested numerous reasons why his marginal propensity to consume (MPC) might vary across individuals, over different time periods, and might be fundamentally heterogeneous in other respects, but assumed a constant MPC for tractability.
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