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This chapter responds to criticisms by (Blaug, M. (1995). Why is the quantity theory the oldest surviving theory in … economics? In M. Blaug (Ed.), The quantity theory of money: From Locke to Keynes and Friedman. Edward Elgar.) and (O’Brien, D …. Blaug (Ed.), The quantity theory of money: From Locke to Keynes and Friedman. Edward Elgar.) of the distinction drawn in …
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into more aspects of macroeconomic theory and argues for a revision of Keynes's contribution to the field. Attention is … given to theories and concepts such as Say's Law, the quantity theory of money, the liquidity trap, the permanent income …
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