1989 | OriginalPaper | Buchkapitel
The Simple Analytics of Aggregate Demand Price and Aggregate Supply Price Analysis
verfasst von : William Darity Jr
Erschienen in: Inflation and Income Distribution in Capitalist Crisis
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.
Wählen Sie Textabschnitte aus um mit Künstlicher Intelligenz passenden Patente zu finden. powered by
Markieren Sie Textabschnitte, um KI-gestützt weitere passende Inhalte zu finden. powered by
Imagine a circumstance - a fantasy - in which novice economics students were brought up with Keynes’s aggregate demand and supply price framework. They would be taught that entrepreneurial production and, hence , employment decisions are made under the weight of a shroud of impenetrable uncertainty. They need not have been puzzled by the phenomenon of stagflation. They would not have been troubled by evidence of procyclical movements in real wages. They could argue with students exposed to conventional texts that the stickiness of nominal wages is peripheral to the substantive explanation for the occurrence of less than full employment output. Instead, they could contend that a fall in the nominal wage need not raise the level of employment. They would have absorbed, implicitly, a Marshallian approach to microeconomics - through Keynes’s iconoclastic filter - without troubling themselves with the incompatible and inconsistent mixture of topics that infest introductory textbooks