This paper argues that Keynes’s analysis of the marginal efficiency of capital is consistent with the principle of effective demand and is, in this sense, characteristically different from the related classical or neoclassical conceptualisations. Furthermore, the notion of the marginal...

1 Old and Modern Classical Economics -- 2 Modern Classical Theory of Prices and Outputs -- 3 Values, Prices and Income Distribution in Actual Economies -- 4 Measures of Production Price-Labour Value Deviation and Production Conditions -- 5 Spectral Decompositions of Single-Product Economies -- 6...

The greatest works of economists have the potential to provide insights on current economic developments and policy challenges long after they are written. This book seeks to investigate the evolution of the core ideas and policy recommendations of the major schools of economic thought, and to...