Making sense of the aggregate demand-supply model
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad Nacional Autónoma de México
2003
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| _version_ | 1876468400915480576 |
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| author | Amit Bhaduri |
| author_facet | Amit Bhaduri |
| contents | Making sense of the aggregate demand-supply model Amit Bhaduri Kazimierz Laski Martin Riese Economía y Finanzas The central purpose of the paper is to highlight the logical inconsistency of the traditional Aggregate Demand Aggregate Supply model, and to the so-called Keynesian comparative static results derived from it, which leads to inconsistent results when applied to out of equilibrium situations. The reason, the authors argue, is that in partial-equilibrium analysis households are distantly considered from firms, so that in aggregate demand supply analysis such separation becomes untenable be-cause firms are not only producers but providers of employment to households as well. The paper offers a further insight in the sequential dynamics of the General Theory, which lies behind this circularity of the income-expenditure flow and re-states some of Kalecki´s and Keynes assertions after discussing two probable routes to solve this perceived inconsistency. 2003 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60124302 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.243 Vol.LXII |
| format | Artículo científico |
| id | redalyc_60124302 |
| institution | Redalyc |
| language | en |
| publishDate | 2003 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | Making sense of the aggregate demand-supply model Amit Bhaduri Economía y Finanzas Making sense of the aggregate demand-supply model Amit Bhaduri Kazimierz Laski Martin Riese Economía y Finanzas The central purpose of the paper is to highlight the logical inconsistency of the traditional Aggregate Demand Aggregate Supply model, and to the so-called Keynesian comparative static results derived from it, which leads to inconsistent results when applied to out of equilibrium situations. The reason, the authors argue, is that in partial-equilibrium analysis households are distantly considered from firms, so that in aggregate demand supply analysis such separation becomes untenable be-cause firms are not only producers but providers of employment to households as well. The paper offers a further insight in the sequential dynamics of the General Theory, which lies behind this circularity of the income-expenditure flow and re-states some of Kalecki´s and Keynes assertions after discussing two probable routes to solve this perceived inconsistency. 2003 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60124302 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.243 Vol.LXII |
| title | Making sense of the aggregate demand-supply model |
| topic | Economía y Finanzas |
| url | https://www.redalyc.org/articulo.oa?id=60124302 |