Lars P. Syll — What is ‘effective demand’?

Economists of all shades have generally misunderstood the theoretical structure of Keynes’s The General Theory. Quite often this is a result of misunderstanding the concept of ‘effective demand’ — one of the key theoretical innovations of The General Theory.

Jesper Jespersen untangles the concept and shows how Keynes, by taking uncertainty seriously, contributed to forming an analytical alternative to the prevailing neoclassical general equilibrium framework:

Lars P. Syll’s Blog
What is ‘effective demand’?
Lars P. Syll | Professor, Malmo University

James A. Schmitz, Jr. — The Costs of Monopoly: A New View

Neoclassical economists dismiss monopoly as of insignificant consequence in modern economies. Not so, says this study.

Contrary to conventional wisdom, monopolies inflict substantial economic harm, particularly on the poor.

FRB Minneapolis
The Costs of Monopoly: A New View
James A. Schmitz, Jr. | Senior Research Economist
ht Mark Thoma at Economist's View