The principle of effective demand states that given endogenous expenditure patterns, the level of exogenous expenditure determines the level of employment. If investment represents the sole form of exogenous expenditur ...

Terence Hutchison's 1938 essay has been variously interpreted as introducing positivism, ultra-empiricism, and Popperian falsificationism into economics. Given Popper's well known anti-positivist stance, this state of ...