Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand.

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• Edmund Phelps:

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• Edmund Phelps:

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• Edmund Phelps:

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• Edmund Phelps:

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• Edmund Phelps:

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• Edmund Phelps:

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• Edmund Phelps:

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• Edmund Phelps:

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• Edmund Phelps:

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• Edmund Phelps:

  When public spending in the form of transfer payments makes various services and benefits free of c