*Keynes and critics

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Here is Econobrowser with a hypothetical if the Great Recession wasn't caused by a lack of demand:

If a collapse in aggregate demand is not at fault, then was an aggregate supply shift? A quick-and-dirty evaluation using some back-of-the-envelope calculations

In 2008Q4, GDP fell at an annualized rate of 8.9%; it fell another 5.6% going into 2009Q1. One interpretation is that aggregate demand collapsed. An alternative interpretation is that supply fell; in this view, aggregate demand management policies would have no effect, or even be counterproductive. In this light, I thought it of interest to consider what must be true in order for the supply side view to be correct.

Interpreting the Great Recession in a Classical Framework | Econbrowser