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...

<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...