Keynes and the public debate: public intervention to sustain aggregate demand; international coordination to avoid recessions and unemployment in indebted countries (Bretton Woods)

Schumpeter: innovation as the driver of capitalism; creative destruction, endogenous change and economic cycles; opposition to public intervention

Keynes: criticism to the marginalist / neoclassical view

The Generagl Theory (1936): principle of effective demand, multiplier effect, determinants of the demand for money

Analysis of the Great Depression as a crisis of insufficient demand

Joint correction and discussion at the end.

Alfred Marshall and the development of neoclassical economics at Cambridge

Thorstein Veblen: influences from Biology, critique of the Marginalist approach and foundations of the institutionalist / evolutionary theory in Economics. Role played by habits/instincts, conspicuous consumption and the leisure class