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Dogmatism

In: GLOBAL ECONOMIC TURMOIL AND THE PUBLIC GOOD

Author

Listed:
  • Steven Rosefielde
  • Daniel Quinn Mills

Abstract

Macroeconomic theory as Keynes stressed in the introduction to his General Theory rests on the assumption that the economy is in equilibrium everywhere except the labor market. The supply and demand for all goods and services, the composition of employment, prices, wages and the interest rate are all competitively efficient at every non-full employment level of aggregate activity (on various production feasibility frontiers), but “sticky wages” prevent adjustment to competitive full employment. Keynes famously claimed that this deficiency can be resolved with sufficient government deficit spending…

Suggested Citation

  • Steven Rosefielde & Daniel Quinn Mills, 2015. "Dogmatism," World Scientific Book Chapters, in: GLOBAL ECONOMIC TURMOIL AND THE PUBLIC GOOD, chapter 11, pages 137-140, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814590518_0011
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