" John Maynard Keynes, the founder of Keynesianism, summarized Say's Law as " supply creates its own demand.

Keynes summarized this " law " as asserting that " supply creates its own demand ", though this interpretation has been criticized.

Another main assumption is based on Say's Law: supply creates its own demand-that is, aggregate production will generate an income enough to purchase all the output produced ; this implicitly assumes, in contrast to Keynes, that there will be net saving or spending of cash or financial instruments.

According to Keynes ( see more below ), if Say's law is correct, widespread involuntary unemployment ( caused by inadequate demand ) cannot occur.

Financial markets without Say's law keeping them in balance were thus inherently unstable, and through this identification Keynes deduced the consequences to the macro-economy of long run equilibrium being attained not at only one unique position which represented a ' Pareto Optima ' ( a special case ), but through a possible range of many equilibria that could far under employ human and natural resources ( the general case ).

According to Keynes, the implication of Say's " law " is that a free-market economy is always at what the Keynesian economists call full employment ; see also Walras ' law.

Contradicting this view, Arthur Cecil Pigou – a self-proclaimed follower of Say's law – wrote a letter in 1932 signed by five other economists ( among them Keynes ) calling for more public spending to alleviate high levels of unemployment.

* Lord Keynes and Say's Law, Ludwig von Mises

* The Failure of the ' New Economics ', " Keynes vs. Say's Law ", Chapter 3, Henry Hazlitt

Simon Keynes has instead argued that there is a pattern to the laws of Athelstan's reign, and that the laws are evidence " not of any casual attitude towards the publication or recording of the law, but quite the reverse ".

Milton Keynes is known for its huge central park and shopping centre, designed from the outset as a new city – though in law it is a ' New Town ' and has still yet to receive city status 45 years later.

Finally, five " third-generation " towns were launched in the late 1960s: these were larger, some of them based on substantial existing settlements such as Peterborough, and the most famous was probably Milton Keynes, midway between London and Birmingham, known for its huge central park and shopping centre, designed from the outset as a new city – though in law it is a ' New Town '.

Outside of the law and politics, members have included the poet Arthur Brooke, Admiral Francis Drake, dramatist W. S. Gilbert, the economist John Maynard Keynes and diplomat and Righteous among the Nations Prince Constantin Karadja and

Prior to Keynes, a situation in which aggregate demand for goods and services did not meet supply was referred to by classical economists as a general glut, although there was disagreement among them as to whether a general glut was possible.

While Keynes had focused on the value stability of currency, with the resulting panics based on an insufficient money supply leading to alternate currency and collapse, then Friedman focused on price stability, which is the equilibrium between supply and demand for money.

Milton Friedman and Anna Schwartz in their book A Monetary History of the United States, 1867-1960 argued that the Great Depression of 1930 was caused by a massive contraction of the money supply and not by the lack of investment Keynes had argued.

The Stockholm school had at the same time as John Maynard Keynes, but independently, come to the same conclusions in macroeconomics and the theories of demand and supply.

Keynes says on page 135: " I define the marginal efficiency of capital as being equal to that rate of discount which would make the present value of the series of annuities given by the returns expected from the capital-asset during its life just equal to its supply price.

Although Keynes explicitly addresses inflation, The General Theory does not treat it as an essentially monetary phenomenon nor suggest that control of the money supply or interest rates is the key remedy for inflation.

To Keynes, in the short run, interest rates were determined more by the supply and demand for money than by saving and investment.

The theory, set forth by economist John Maynard Keynes and his American disciples such as Alvin Hansen at Harvard, contends that unemployment is caused by insufficient aggregate demand relative to the possible aggregate supply generated by full employment.

Economists Alfred Marshall, A. C. Pigou, and John Maynard Keynes ( before he developed his own, eponymous school of thought ) associated with Cambridge University, took a slightly different approach to the quantity theory, focusing on money demand instead of money supply.

Keynes argued that price level was not strictly determined by money supply.

Keynesian aggregate expenditure Keynesian economics calls for a government intervention and is called demand side economics as it believes that aggregate demand and not the aggregate supply determines the GDP because of the difference between the Aggregate Supply and Planned expenditure in an economy. Hence Keynes believed that the government played an important role in the determination on the Aggregate Expenditure in an economy and was thus included Government Expenditure in the Aggregate Expenditure Function.

At its peak of popularity eugenics was supported by a wide variety of prominent people, including Winston Churchill, Margaret Sanger, Marie Stopes, H. G. Wells, Theodore Roosevelt, George Bernard Shaw, John Maynard Keynes, John Harvey Kellogg, Linus Pauling and Sidney Webb.

This theory draws its roots from two almost diametrically opposed ideas: the hard money policies that dominated monetary thinking in the late 19th century, and the monetary theories of John Maynard Keynes, who, working in the inter-war period during the failure of the restored gold standard, proposed a demand-driven model for money which was the foundation of macroeconomics.

Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, although its subsequent development was influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor and Paul Davidson.

Robbins and Hayek's views were based on the Austrian School of Economics with its emphasis on free trade and anti-interventionism, while Keynes advanced a brand of economic theory now known as Keynesianism which advocates active policy responses by the public sector.

* In its planning, the government of the day intended Milton Keynes, Buckinghamshire, to be a " new city " in scale, and it was referred to as such in contemporary supporting papers, but was gazetted in 1967 as a New Town.

The club had left its Plough Lane stadium in 1991 to ground-share with Crystal Palace at Selhurst Park, with numerous plans to build a new stadium in a number of different locations ( including back in London and even in Dublin or Cardiff ) being considered over the following decade before the club's owners chose Milton Keynes as their destination.

The most famous was probably Milton Keynes, roughly midway between London and the West Midlands, on account of its Modernist architectural ambitions, reflecting the thinking of Mies van der Rohe and other British architectural idealists.

The University administration is based at Walton Hall, Milton Keynes in Buckinghamshire, but has regional centres in each of its thirteen regions around the United Kingdom.

The tour opened in Malvern before travelling to Milton Keynes, Brighton, Bath, Norwich, Edinburgh and Newcastle ; its run at the Theatre Royal, Haymarket was extended due to demand.

Most of the Oxford – Cambridge " Varsity Line " closed despite its strategic location serving Milton Keynes — Britain's largest " new town ".

Each college has its own bar, all rebuilt on a larger scale, and originally its own dining hall ( only Rutherford still has a functioning dining hall ; Darwin's is hired out for conferences and events ; Keynes's was closed in 2000 and converted into academic space, but in 2011 Dolche Vita was expanded and became the dining hall for Keynes students in catered accommodation after Keynes ' expansion in 2011 ; and Eliot's was closed in 2006 ).

This line-up played its last full-length gig in 1984 at the Milton Keynes Bowl, although the band were contracted to record more albums.

The article was published in response to the publication of Keynes ' magnum opus, The General Theory of Employment, Interest and Money in 1936, and its purpose was to draw international attention to the Swedish discoveries in the field, many of which had predated the discoveries of Keynes.

As part of its Milton Keynes South Midlands ( MKSM ) study, the government has identified Wellingborough as one of several towns in Northamptonshire into which growth will be directed over the next thirty years.

The most telling criticism, however, came perhaps from within the Group's own ranks, when on the eve of war Keynes gave a " nostalgic and disillusioned account of the pure sweet air of G. E. Moore, that belief in undisturbed individualism, that Utopianism based on a belief in human reasonableness and decency, that refusal to accept the idea of civilisation as ' a thin and precarious crust ' ... Keynes's fond, elegiac repudiation of his " early beliefs ", in the light of current affairs (" We completely misunderstood human nature, including our own ")".

After the war, Hart-Davis was unable to obtain satisfactory terms from Jonathan Cape to return to the company, and in 1946 he struck out on his own, founding Rupert Hart-Davis Ltd, in partnership with David Garnett and Teddy Young and with financial backing from Eric Linklater, Arthur Ransome, H. E. Bates, Geoffrey Keynes, and Celia and Peter Fleming.

However, the four original colleges-Darwin, Eliot, Keynes and Rutherford-remain, each with their own Master, and new college, Woolf, opened in 2008.

At one time, Newport Pagnell was one of the largest towns in the County of Buckinghamshire ( the assizes of the County were occasionally held there ) though today, despite its own substantial expansion, it has been completely dwarfed by the growth of Milton Keynes.

It has its own railway station on the Marston Vale Line, one of the five that serve Milton Keynes.

McGee does have a sidekick of sorts, in his best friend Meyer, an internationally known and respected economist who lives on a cabin cruiser of his own near McGee's at Bahia Mar, the John Maynard Keynes, and later, after the Keynes is blown up, aboard its replacement, the Thorstein Veblen.

The Darwins had no children of their own, and after his wife died, William devoted himself much to his nieces Gwen Raverat, Frances Cornford, and Margaret Keynes.

Following its dissolution at the end of the 2004 / 5 season, they have transferred to the English Premier Ice Hockey League for the 2005 / 2006 season and clinched the league title in February 2006 after defeating reigning champions Milton Keynes Lightning on their own ice.

In 1988, Professor Kregel showed that Keynes ’ liquidity preference and own rate analysis were actually two sides of the theory of effective demand.

Its products were marketed through its own chain of 19 retail outlets in UK towns and cities including Altrincham, Birmingham, Bristol, Cambridge, Glasgow, Ipswich, London, Milton Keynes, Norwich, Nottingham, Peterborough, Reading, Southampton, Swansea, and Tunbridge Wells.

He eventually came up with his own theories, which he cobbled together from the work of John Maynard Keynes, Abraham Lincoln, and the Bible.

As its population grew, Milton Keynes then gained its own constituency, which was taken by William Benyon of the Conservative Party.

As its population grew, Milton Keynes then gained its own constituency, which was taken by William Benyon of the Conservative Party.

Prior to 1983, the new town of Milton Keynes ( created in 1967 ) was in the Buckingham constituency, until its population had expanded substantially enough to merit a seat of its own.