10 Major Implications of Consumption Function
The following points highlight the ten major implications of consumption function according to Keynes. The implications are: 1. Vital Importance of Investment 2. General over Production 3. Repudiation of Say's Law 4. Need for State Intervention 5. Over Saving Gap 6. Decline in MEC 7. Income Propagation 8. Under Employment Equilibrium 9. Secular Stagnation 10. Turning Points of Trade Cycle. [...]