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Strathprints serves world leading Open Access research by the University of Strathclyde, including research by the Strathclyde Institute of Pharmacy and Biomedical Sciences (SIPBS), where research centres such as the Industrial Biotechnology Innovation Centre (IBioIC), the Cancer Research UK Formulation Unit, SeaBioTech and the Centre for Biophotonics are based.

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The grand macroeconomics circular tour: from 'the classics' to Keynes, and back again

Grieve, R.H. (2011) The grand macroeconomics circular tour: from 'the classics' to Keynes, and back again. GCU Economic Journal, 16 (2). ISSN 0242-2815

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Abstract

Having noted the fundamental difference between the pre-Keynesian (classical) and Keynesian conceptions of the working of the macro system - i.e. from the one (classical) perspective that aggregate demand naturally accommodates itself to supply, and from the other, that planned aggregate demand is the key determinant of economic activity - this paper goes on to draw attention to the fact that the pre-Keynesian vision has re-emerged as the conventional wisdom as expounded in contemporary mainstream textbooks, a development intimately bound up with the adoption of the highly problematic ADAS model as the expository framework of choice.