ABSTRACT
Keynesian macroeconomics is founded upon five pillars that cannot stand confrontation with the classical meanings of saving, capital, investment, and money contrary to Keynes’s changed meanings of those concepts. Keynes’s theories of interest rates, expenditure multiplier, price level determination, and fiscal policies crumble without the changed meanings. Keynes’s incorrectly attributing to classical economics the assumptions of full employment always and certainty of expectations of the future also have sustained adherence to his alternative macroeconomics. This chapter updates my 2004 challenge to Keynesians to defend their macroeconomics with the classical meanings of the economic concepts but which none has yet attempted.
