John Maynard Keynes developed a model, later elaborated by John Hicks, in which total output is determined
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John Maynard Keynes developed a model, later elaborated by John Hicks, in which total output is determined solely by total spending with little consideration of the supply (production) side of the economy. Why would Keynes and Hicks, writing during the Great Depression, be likely to develop a model of the economy that focused on total spending?
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Money, Banking, and the Financial System
ISBN: 978-0134524061
3rd edition
Authors: R. Glenn Hubbard, Anthony Patrick O'Brien
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