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Neoclassical Inflation: Aggregate Supply

In: A Critique of Neoclassical Macroeconomics

Author

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  • John Weeks

    (Middlebury College)

Abstract

In previous chapters the focus has been on the neoclassical theory of employment. We began with a barter (‘real’) system, demonstrating that full employment is achieved in such a model by excluding the possible causes of demand failures. In subsequent chapters monetary models were investigated, with the conclusion that a number of theoretical difficulties and inconsistencies render automatic adjustment to full employment unlikely even as a logical possibility. Indeed, it is not clear that neoclassical theory has any consistent ‘thought experiment’ to take one from general disequilibrium with unemployment to general equilibrium with full employment (Chapter 8).

Suggested Citation

  • John Weeks, 1989. "Neoclassical Inflation: Aggregate Supply," Palgrave Macmillan Books, in: A Critique of Neoclassical Macroeconomics, chapter 12, pages 175-184, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-20296-6_12
    DOI: 10.1007/978-1-349-20296-6_12
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