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Cost-Determined and Demand-Determined Prices: Lessons for the Industrialised World from Development Economics

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Author Info

  • Ghosh, Dipak
  • Ruziev, Kobil

Abstract

In labour surplus developing countries a strategy based on the application of the Keynesian multiplier to generate employment is constrained by the availability of resources. In some of Keynes's writings in general and those on the post-War employment and commodity policy in particular it seems that Keynes himself became aware of the limitation of the savings investment multiplier in generating and maintaining full employment in industrialized economies. The paper argues that the time has now arrived for the economic policy makers to wake up to the limitations of expansionary fiscal and monetary policy alone to combat the current downturn in economic activities.

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File URL: http://hdl.handle.net/1893/517
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Bibliographic Info

Paper provided by University of Stirling, Division of Economics in its series Stirling Economics Discussion Papers with number 2008-22.

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Date of creation: Nov 2008
Date of revision:
Handle: RePEc:stl:stledp:2008-22

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Postal: Division of Economics, University of Stirling, Stirling, Scotland FK9 4LA
Phone: +44 (0)1786 467473
Fax: +44 (0)1786 467469
Web page: http://www.econ.stir.ac.uk/
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Related research

Keywords: Bretton Woods; flex-price; fix-price; employment; Commod Control; wage goods;

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  1. Ahluwalia, Isher J., 1979. "An analysis of price and output behavior in the Indian economy: 1951-1973," Journal of Development Economics, Elsevier, vol. 6(3), pages 363-390, August.
  2. Harry Bloch & A. Michael Dockery & David Sapsford, 2004. "Commodity prices, wages, and U.S. inflation in the twentieth century," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(3), pages 523-545, April.
  3. Brian Loasby, 2003. "Closed models and open systems," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(3), pages 285-306.
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