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Chapters 8, 9 and 10 set out Keynes’ theory of consumer behavior. Chapter 8 is entitled The Propensity to Consume: I … Propensity to Consume and the Multiplier. Contrary to the widely held belief, Keynes saw the consumer as an intertemporally … psychological propensities. Chapter 10 formally introduces the marginal propensity to consume and the multiplier. …
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In Chapter 3 of the General Theory, Keynes sketches out what he calls the essence of the General Theory of Employment …
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One of the most neglected issues in modern economics concerns the consequences of technological change that is ubiquitous and endogenous. To address these we need to model technology as more than a scalar value in an aggregate production function, dealing with technological change in its messy...
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