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Aggregate Demand and Aggregate Supply: Will the Real Keynes Please Stand Up?

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  • Jochen Hartwig

Abstract

Two recent articles in this journal present conflicting interpretations of the Aggregate Demand/Aggregate Supply (D/Z) model contained in Chapter 3 of Keynes's General Theory . This paper evaluates the two interpretations to determine which aligns more closely with Keynes's own views.

Suggested Citation

  • Jochen Hartwig, 2011. "Aggregate Demand and Aggregate Supply: Will the Real Keynes Please Stand Up?," Review of Political Economy, Taylor & Francis Journals, vol. 23(4), pages 613-618, October.
    • Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:613-618
    DOI: 10.1080/09538259.2011.611626
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    References listed on IDEAS

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    1. Olivier Allain, 2009. "Effective Demand and Short-term Adjustments in the General Theory," Review of Political Economy, Taylor & Francis Journals, vol. 21(1), pages 1-22.
    2. 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.
    3. Jochen Hartwig, 2006. "Explaining the aggregate price level with Keynes's principle of effective demand," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 469-492.
    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. Marc Lavoie, 2003. "Real Wages and Unemployment with Effective and Notional Demand for Labor," Review of Radical Political Economics, Union for Radical Political Economics, vol. 35(2), pages 166-182, June.
    6. Casarosa, Carlo, 1981. "The Microfoundations of Keynes's Aggregate Supply and Expected Demand Analysis," Economic Journal, Royal Economic Society, vol. 91(361), pages 188-194, March.
    7. 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.
    8. Olivier Allain, 2009. "Effective demand and short-term adjustments in the General Theory," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00345891, HAL.
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    Cited by:

    1. Jochen Hartwig, 2014. "Relative Movements of Real Wages and Output," KOF Working papers 14-355, KOF Swiss Economic Institute, ETH Zurich.
    2. Jochen Hartwig, 2017. "The Comparative Statics of Effective Demand," Review of Political Economy, Taylor & Francis Journals, vol. 29(3), pages 360-375, July.

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