Criticisms
Austrian theorist Henry Hazlitt argued that aggregate demand is a meaningless concept in economic analysis. Friedrich Hayek, another Austrian theorist, argued that Keynes' study of the aggregate relations in an economy is fallacious, as recessions are caused by micro-economic factors.
Read more about this topic: Aggregate Demand
Famous quotes containing the word criticisms:
“The sway of alcohol over mankind is unquestionably due to its power to stimulate the mystical faculties of human nature, usually crushed to earth by the cold facts and dry criticisms of the sober hour. Sobriety diminishes, discriminates, and says no; drunkenness expands, unites, and says yes.”
—William James (1842–1910)
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—Sigmund Freud (1856–1939)