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Expected Aggregate Demand, the Production Period, and the Keynesian Theory of Aggregate Supply

In: Post Keynesian Economics

Author

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  • Thomas I. Palley

    (New School for Social Research)

Abstract

A common charge levelled against Keynesian economics is that it fails to adequately address the supply side of the economy. Yet Keynes was clearly concerned about aggregate supply as is evident from the prominent role given to the aggregate supply function in Chapter 3 of The General Theory. That this is so is not surprising, since it is hard to address the question of employment determination without addressing the production decision of firms.

Suggested Citation

  • Thomas I. Palley, 1996. "Expected Aggregate Demand, the Production Period, and the Keynesian Theory of Aggregate Supply," Palgrave Macmillan Books, in: Post Keynesian Economics, chapter 5, pages 71-86, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37412-6_5
    DOI: 10.1057/9780230374126_5
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    Cited by:

    1. 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.
    2. Jochen Hartwig, 2017. "The Comparative Statics of Effective Demand," Review of Political Economy, Taylor & Francis Journals, vol. 29(3), pages 360-375, July.
    3. Thomas I. Palley, 2013. "The Simple Analytics of Debt-driven Business Cycles," Palgrave Macmillan Books, in: Financialization, chapter 4, pages 62-81, Palgrave Macmillan.
    4. Christian Schoder, 2015. "Methodological, internal and ontological inconsistencies in the conventional micro-foundation of post-Keynesian theory," Working Papers 1518, New School for Social Research, Department of Economics.
    5. Jochen Hartwig, 2009. "D and Z in ROPE," KOF Working papers 09-243, KOF Swiss Economic Institute, ETH Zurich.
    6. Jochen Hartwig, 2004. "Keynes versus the Post Keynesians on the Principle of Effective Demand," KOF Working papers 04-88, KOF Swiss Economic Institute, ETH Zurich.

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