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This is a structural and not a cyclical problem.2 Keynes's (1936) diagnosis of a laissez-faire economy is that it suffers from two related structural flaws.
They consist of two suggestions to change the structure of a laissez-faire economy.
In a laissez-faire economy, the conventions that establish the expected normal interest rate will inevitably be such that the real rate of interest settles at a level at which, in Keynes's Marshallian analysis, the demand prices of capital goods are driven to equality with their long- period supply prices before full employment is attained, as Kregel (1976, 1983), Rogers (1989, 2006, 2010), O'Donnell and Rogers (2016) and others have stressed.
Thus Keynes's static model of The General Theory is a model of long- period unemployment equilibrium where that equilibrium results from a rate of interest that is too high for full employment.11 In Keynes's (1936) opinion a laissez-faire economy may fluctuate for decades about such a long-period equilibrium.
A laissez-faire economy has a government that is too small to underpin aggregate demand and has no raison d'�tre for undertaking infrastructure investment.
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