MAC02 Unemployment

The Main Reading for this is Brian Ferguson: Lectures on JM Keynes General Theory, Chapter 1, linked below.
The original reading is long, and key points have been picked out L5, L6, L7 -- these three sets of short notes based on Brian Ferguson are required reading for Class on Wednesday.  The main reading, and the notes are linked below. 
1. Explain what is Say's Law and how this law is the basis for supply side economics. Explain how it implies that there will be no unemployment, and that there can be no recession -- less than full production of output.
2. Explain the phenomena that Keynes observed during the Great Depression, that led him to doubt the classical theories and to search for new theories of the labor market and of aggregate demand.
3. Explain the fallacy of composition, and how Keynes avoided it while classical economists fell into this trap. 
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Lectures on John Maynard Keynes’ General Theory of Employment, Interest and Money (1): Chapter One, Background and Historical Setting   Apr 2, 2019, 1:44 AM Muhammad Ather
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What were economic theories like at the time that Keynes was developing his ideas? How did his ideas advance on previous thought?  Sep 9, 2018, 9:38 AM Asad Zaman
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Brian Ferguson -- the historical circumtances -- unemployment, etc. which led Keynes to develop his new theories.  Sep 9, 2018, 9:40 AM Asad Zaman
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Elements of Chapter 2 of General Theory, which explains why the observation of unemployment does not match what economic theories say about it.  Sep 9, 2018, 9:42 AM Asad Zaman
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These are answers to above mentioned questions. Students may plz refines the answers on their own.  71k v. 1 Jan 3, 2019, 8:16 PM Muhammad Naoman
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  17k v. 1 Jan 4, 2019, 9:39 AM Sara Rahman
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