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D and Z in ROPE – Will the Real Keynes Please Stand Up?

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Abstract

The Review of Political Economy (ROPE) welcomed the year 2009 with an issue in which the first two articles use an interesting yet not very popular modeling framework, namely the aggregate demand/aggregate supply (D/Z) model from Chapter 3 of Keynes’s General Theory. Unfortunately, as I intend to show in this paper, the interpretations of Keynes’s D/Zmodel proposed by these two articles contradict each other. To resolve this unsatisfactory state of affairs, I will offer an evaluation of which of the two interpretations is more in line with Keynes’s own suggestions.

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Bibliographic Info

Paper provided by KOF Swiss Economic Institute, ETH Zurich in its series KOF Working papers with number 09-243.

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Length: 19 pages
Date of creation: Nov 2009
Date of revision:
Handle: RePEc:kof:wpskof:09-243

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Keywords: Keynes’s D/Z model; effective demand; Post Keynesianism;

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  1. Jochen Hartwig, 2004. "Explaining the Aggregate Price Level with Keynes’s Principle of Effective Demand," KOF Working papers 04-95, KOF Swiss Economic Institute, ETH Zurich.
  2. J. E. King, 1994. "Aggregate Supply and Demand Analysis since Keynes: A Partial History," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 17(1), pages 3-31, October.
  3. M. G. Hayes, 2008. "Keynes's Z function: a reply to Hartwig and Brady," Cambridge Journal of Economics, Oxford University Press, vol. 32(6), pages 1003-1003, November.
  4. Jochen Hartwig, 2007. "Keynes vs. the Post Keynesians on the Principle of Effective Demand," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(4), pages 725-739.
  5. David L. Roberts, 1978. "Patinkin, Keynes, and aggregate supply and demand analysis," History of Political Economy, Duke University Press, vol. 10(4), pages 549-576, Winter.
  6. MG Hayes, 2007. "Keynes's Z function, heterogeneous output and marginal productivity," Cambridge Journal of Economics, Oxford University Press, vol. 31(5), pages 741-753, September.
  7. Paul Wells, 1987. "Keynes's Employment Function and the Marginal Productivity of Labor," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 9(4), pages 507-515, July.
  8. repec:ltr:wpaper:1993.16 is not listed on IDEAS
  9. Olivier Allain, 2006. "Effective demand and short-term adjustments in the General Theory," Cahiers de la Maison des Sciences Economiques bla06018, Université Panthéon-Sorbonne (Paris 1).
  10. J. Hartwig & M. E. Brady, 2008. "Comment: Hayes on Z," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 815-819, September.
  11. Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457, December.
  12. John King, 1993. "Aggregate Supply and Demand Analysis Since Keynes: A Partial History," Working Papers 1993.16, School of Economics, La Trobe University.
  13. Palley, Thomas I, 1997. "Expected Aggregate Demand, the Production Period and the Keynesian Theory of Aggregate Supply," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(3), pages 295-309, June.
  14. Jochen Hartwig, 2004. "Keynes's multiplier in a two-sectoral framework," Review of Political Economy, Taylor & Francis Journals, vol. 16(3), pages 309-334.
  15. Alfonso Palacio-Vera, 2009. "Capital Accumulation, Technical Progress and Labour Supply Growth: Keynes's Approach to Aggregate Supply and Demand Analysis Revisited," Review of Political Economy, Taylor & Francis Journals, vol. 21(1), pages 23-49.
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