Keynes’s Aggregate Supply Function: everything you always wanted to know about Z
AbstractThe paper suggests a consistent interpretation for the much debated Z-footnote on pp. 55-56 of the General Theory and discards claims recently made in the literature concerning the importance of output heterogeneity for Keynes’s macroeconomic approach.
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Bibliographic InfoPaper provided by KOF Swiss Economic Institute, ETH Zurich in its series KOF Working papers with number 11-282.
Length: 8 pages
Date of creation: May 2011
Date of revision:
Keynes; aggregate supply function; output heterogeneity;
Find related papers by JEL classification:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
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- Jochen Hartwig, 2014. "“Relative Movements of Real Wages and Output” – How does Keynes’s 1939 essay relate to his Principle of Effective Demand?," KOF Working papers 14-355, KOF Swiss Economic Institute, ETH Zurich.
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