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Keynes’ Aggregate Supply Function and the Principle of Effective Demand

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  • Rodolphe DOS SANTOS FERREIRA

    (Université Louis Pasteur, Strasbourg I)

  • Philippe MICHEL

    (Université de Paris I)

Abstract

The principle of effective demand decomposes in two distinct propositions, one pertaining to the analysis of actual, the other to the analysis of equilibrium states. The authors suggest that Keynes' apparatus of aggregate supply and demand decomposes correspondingly in two pairs of aggregate functions. They thus extend to the supply side a duality which had already been noticed on the demand side. Such an extension leads to a reconsideration of the debate between two conflicting views of the aggregate supply function which originated in Patinkin's contributions. The authors' argument emphasizes the role of aggregation over optimizing producers, and the status of intermediate goods and imperfect competition.

Suggested Citation

  • Rodolphe DOS SANTOS FERREIRA & Philippe MICHEL, 1991. "Keynes’ Aggregate Supply Function and the Principle of Effective Demand," Discussion Papers (REL - Recherches Economiques de Louvain) 1991023, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1991023
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    Cited by:

    1. Rodolphe Dos Santos Ferreira, 2014. "Mr Keynes, the Classics and the new Keynesians: A suggested formalisation," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(5), pages 801-838, October.
    2. Heller, Claudia, 2009. "Keynes’s slip of the pen: aggregate supply curve vs employment function," MPRA Paper 12837, University Library of Munich, Germany.

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