The main arguments of this book are almost certain to create controversy and lead to a fundamental reassessment of Keynesian economics. Building on his previous work on modern capitalism, Robin Marris has made theoretical advance which should have a major impact on the economics profession. The book has four main aims. The first is a piece of intellectual surgery - to replace an Achilles heel in the Keynesian theory of aggregate demand and in so doing help to reduce confusion concerning the relation in Keynesian economics between employment and the real wage. The second is to support the revised theory with an economic model based on a rich, user- friendly microcomputer simulation which is included free with the book. The third is to apply the model to the macroeconomic problems of the industrialized market economies in the 1970s, 80s and beyond. And, finally, Robin Marris embellishes the narrative with a personal view of the relationships between Cambridge economists which sheds new light on the intellectual history of the Keynesian revolution.