Retrieving "Keynesian Macroeconomics" from the archives

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1. Classical Economics

   Linked via "Keynesian macroeconomics"

   The transition away from strict Classical models was marked by the Marginal Revolution, where economists like Jevons, Menger, and Walras introduced marginal utility theory. This shifted the focus from the objective cost of production (Labor Theory of Value) to the subjective utility derived by the consumer as the determinant of value.
   Furthermore, the long-run instability observed during the [Great D…