Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/321891 
Authors: 
Year of Publication: 
2025
Series/Report no.: 
ZÖSS Discussion Paper No. 119
Publisher: 
Universität Hamburg, Zentrum für Ökonomische und Soziologische Studien (ZÖSS), Hamburg
Abstract: 
Keynes's Principle of Effective Demand is widely recognized not only as a major theoretical innovation but also as one of the core concepts uniting various post-Keynesian strands. However, Keynes's own treatment of the Principle of Effective Demand - known as the Z/D model and identified by himself as central to his attempt to fundamentally refute Say's Law - has been ignored or even outright rejected by many post-Keynesians on the grounds that it remains too deeply rooted in mainstream economics. This paper addresses such criticism by emphasizing that any evaluation of the Z/D model must take into account the paradigmatic shift Keynes sought to initiate.
Subjects: 
Keynes
Z/D model
principle of effective demand
JEL: 
B50
E12
E24
J23
Document Type: 
Working Paper

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