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Patinkin, Keynes and the Z curve

Author

Listed:
  • Rogério Arthmar

    (Universidade Federal do Espírito Santo - Department of Economics)

  • Michael Emmett Brady

    (California State University - Department of Operations Management)

Abstract

This paper reconstructs how Keynes managed to formally develop the concept of aggregate supply in chapter 20 of the General Theory. As a preamble, the first section recaps Don Patinkin’s long struggle to devise the correct expression for the so-called Z curve while, at the same time, he emphasized Keynes’ mathematical inability to have properly conceived such a concept. The second section shows not only that Keynes did not make any major error while devising the idea of an aggregate supply curve but also that he gave it an adequate foundation following the original approach previously formulated by Pigou.

Suggested Citation

  • Rogério Arthmar & Michael Emmett Brady, 2009. "Patinkin, Keynes and the Z curve," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 17(3), pages 127-146.
    • Handle: RePEc:hid:journl:v:17:y:2009:3:6:p:127-146
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    Cited by:

    1. Jochen Hartwig, 2021. "Zur Genese von Patinkins Interpretation des Keynes'schen Prinzips der effektiven Nachfrage," Chemnitz Economic Papers 046, Department of Economics, Chemnitz University of Technology, revised Jun 2021.

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