<title>Abstract</title>This paper is one of three contributions to a symposium commenting on papers previously published by the other authors. My analysis of Chapter 3 of the General Theory is that it built a bridge between the entrepreneurs' behaviour at the microeconomic level and the closure of the system...

This paper is a contribution to a symposium mutually reviewing papers on Keynes's principle of effective demand as set out in The General Theory, by Allain (2009. Effective demand and short-term adjustments in the General Theory, Review of Political Economy, vol. 21, 1–22), Hartwig (2007....