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...

<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...

The claim that Keynes makes a tacit assumption in Chapter 3 of <italic>The General Theory</italic>, that short-term expectations are fulfilled, is unwarranted and unnecessary. Kregel's seminal 1976 paper and its subsequent development by Chick and others have contributed to the general acceptance of this claim;...

This essay reviews Michael Ambrosi's important but neglected book on the formative period of Keynesian economics. The book traces the evolution of a Cambridge macroeconomic tradition running from Marshall and Pigou to Keynes, and interprets The General Theory as a response to Pigou's analysis of...

This paper endeavours to reinterpret one of the most fundamental concepts of macroeconomics: the Keynesian investment multiplier. The multiplier is not interpreted as a dynamic process (or quantity reaction of output) nor as a logical relation (or ratio) between income and investment...

Two recent articles in this journal present conflicting interpretations of the Aggregate Demand/Aggregate Supply (D/Z) model contained in Chapter 3 of Keynes's <italic>General Theory</italic>. This paper evaluates the two interpretations to determine which aligns more closely with Keynes's own views.

<title>Abstract</title>This paper is one of three contributions to a symposium commenting on papers previously published by the other authors. I basically agree with Allain's (2009) reconstruction of Keynes's model of effective demand from Chapter 3 of <italic>The General Theory</italic>, except that I think that entrepreneurs...