Gravity's Rainbow

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Somebody’s always starving in the free market

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[Keynes’] fundamental innovation was the theory of effective demand: the idea that employment is set by total spending, so that the market system has no automatic tendency to settle on full employment. Keynes himself was keen to stress that the General Theory was radical only on that particular point, and that once the state intervened to assure full employment, “the [neo]classical theory comes into its own again.”

Ackerman & Beggs in Jacobin.

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