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Thy Kingdom is Divided: Fluctuating Tastes and Changes in Aggregate Demand

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  • John Kemp

    (Department of Economics, Manchester Metropolitan University, Mabel Tylecote Building, Cavendish Street, M15 6BG, UK, Email: J.Kemp@mmu.ac.uk)

Abstract

An extended Keynesian model provides insights not revealed by conventional models. An aggregate economy is conceptualised as comprising a heterogeneous amalgam of individuals with fluctuating demands. The consequences of these fluctuations are, initially, shown to be consistent with the predictions of orthodox models. However, a much richer explanatory power arises once inflationary expectations are incorporated. Predictions are then generated that have a greater correspondence with stagflation and/or the growth of inequalities, along with the development of an economy that is characterised by an increasing schism—the emergence of ‘the two nations’ and the growth of want amidst plenty.

Suggested Citation

  • John Kemp, 1999. "Thy Kingdom is Divided: Fluctuating Tastes and Changes in Aggregate Demand," Journal of Interdisciplinary Economics, , vol. 10(4), pages 269-291, October.
    • Handle: RePEc:sae:jinter:v:10:y:1999:i:4:p:269-291
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