This Symposium consists of individual comments by three authors on papers previously published by the other two (Allain, 2009, Hartwig, 2007 and Hayes, 2007) on the topic of Keynes’s principle of effective demand as set out in The General Theory. The Symposium includes updated versions of PKSG...

According to supermultiplier models, economic dynamics are driven by the dynamics of non-capacity-generating autonomous demand components. Since the existing literature suggests several candidates for these components (government expenditures, credit-financed consumption, private residential...

Keynes' principle of effective demand constitutes a pillar for Post Keynesians theories. But Keynes' presentation remains difficult to interpret, mainly because the aggregate demand function is based on entrepreneurs' expectations. The problem is then to demonstrate how these entrepreneurs...

This article presents a Kaleckian model enriched by introducing autonomous public expenditure which grows at an exogenous rate. It shows that the usual properties are not affected in the short run: growth is wage-led. But long run properties are strongly affected: public expenditure plays a role...

Keynes's principle of effective demand constitutes a pillar for Post Keynesian theories. But Keynes's presentation remains difficult to interpret, mainly because the aggregate demand function is based on entrepreneurs' expectations. The problem is, then, to demonstrate how these entrepreneurs...

Wage restraint policies are generally perceived as a good way to support growth and employment. This idea is criticized by recent versions of the (neo-)kaleckian model which are built on three core assumptions : price setting relies on a mark-up rule; the propensity to save out of profits exceeds...