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The Supply-Side

In: The General Theory of Profit Equilibrium

Author

Listed:
  • Connell Fanning

    (National University of Ireland)

  • David O Mahony

    (University College)

Abstract

The supply-side is as important as the demand-side in the general theory of employment. As in the general theory of value or price the two sides are as important as the two blades of a scissors (Marshall, 1920: 348). Yet Keynes says very little about his supply-side. The reason seems to be that he considers what he calls the aggregate supply function to involve ‘few considerations which are not already familiar’ (CW, VII: 89). ‘The form’, he says, ‘may be unfamiliar but the underlying factors are not new’ (CW, VII: 89). It may be taken, then, that Keynes did not see himself as making any fundamental additions to economic theory in his discussion of the supply-side even though he develops it in terms of the resources which firms employ and the expectations they form in a way which, in retrospect, seems to make a significant addition to the theory of the firm as it was in his own time.

Suggested Citation

  • Connell Fanning & David O Mahony, 1998. "The Supply-Side," Palgrave Macmillan Books, in: The General Theory of Profit Equilibrium, chapter 4, pages 57-74, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50228-4_4
    DOI: 10.1057/9780230502284_4
    as

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