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Forward to Basics in Economics
Author(s) -
Batchelor Roy
Publication year - 1983
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.1983.tb00437.x
Subject(s) - economics , rebuttal , demand side , keynesian economics , supply side , effective demand , post keynesian economics , neoclassical economics , aggregate demand , supply and demand , schools of economic thought , public economics , macroeconomics , microeconomics , monetary policy , law , political science
For nearly half a century since Keynes's supposed rebuttal of classical economics, economists and politicians have been pre‐occupied with ‘demand side’ efforts to maintain full employment and output by spending more than they can raise in taxes. The evident failure of ‘demand side’ economics has at last reached the Keynesian economists. Some are beginning to reject ‘demand side’ economics as inadequate and to argue for the return of 'supply and demand’.