Analysis reveals key similarities in consumption perspectives of Keynes and Ricardo, suggesting implications for understanding Say's Law.
While Keynes is famous for giving importance to demand/consumption, Ricardo is infamous for not. In this paper, I revisit the views on consumption found in Keynes and Ricardo. Such a comparative exercise allows us to identify and isolate the surprising similarities between Keynes and Ricardo—on the question of consumption. Such a comparison, it will be seen, also allows us to understand Ricardo’s position on Say’s Law in a more nuanced manner.
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Alex M. Thomas (2025) studied this question.
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