Abstract

ROS, Jaime. Keynes' General Theory and modern macroeconomics. Inv. Econ [online]. 2012, vol.71, n.279, pp.19-37. ISSN 0185-1667.

This article contrasts the two approaches to macroeconomics that have faced each other since the publication of Keynes' General Theory and the debates between its author and its contemporaneous critics (the classics). This comparison stresses two main aspects that keep the two schools of thought apart: Keynes' criticism of the assumption of classical economics about continuous market clearing, particulary in the labor market, and his criticism about the knowledge that, in classical economics, economic agents are supposed to have about the future.

Keywords : unemployment; Keynes; Say's Law; macroeconomics; perfect foresight.