Steven Kates makes some thought-provoking comments, some of 
which might be read in ways not quite the intended one.

a) "aggregate demand failure" is not necessarily the same 
thing as "over-production" -- presumably a sudden fall in 
AD, immediately resulting in a corresponding fall in AS, 
would count as an explanation of the resulting recession?

b) to the extent that changes in AS lag those in AD,
 over-production would be a *consequence* of recession. 

One could assert both the above without holding that 
"over-production causes recessions".

I don't think Keynes has to be read as making the last 
claim mentioned, but it would seem that Steven does
-- so this is a request for suggestions for further reading.


Dr Julian Wells