Title: Crisis and Say's law: perspectives of Marx and Keynes

Authors: Tiagi Camarinha Lopes

Addresses: IE UFU Instituto de Economia Universidade, Universidade Federal de Uberlândia, Campus Santa Mônica – CEP 38.400-902, Uberlândia – MG, Brazil

Abstract: This article presents the process of theorising the crisis by analysing the contradictions between the experiences of business and economic theory during moments of depression. It is argued that mainstream economics excludes the study of crisis up to the moment of crash, when the discrepancy between theory and reality becomes explicit. This paper argues that the development of the theory of crisis is impeded by the broad utilisation of models based on the validity of Say|s law. It presents the perspectives of Marx and Keynes on this issue and emphasises their differences.

Keywords: economic crisis; business schools; economists; macroeconomics; neoclassical economics; history of economic thought; political economy; Say|s law; Keynes; Marx.

DOI: 10.1504/IJMCP.2011.043756

International Journal of Management Concepts and Philosophy, 2011 Vol.5 No.3, pp.231 - 242

Available online: 15 Nov 2011 *

Full-text access for editors Access for subscribers Purchase this article Comment on this article