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The L-shaped aggregate supply curve and the future of macroeconomics

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  • James Forder

Abstract

The idea of the 'L-shaped aggregate supply curve', supposedly a feature of primitive macroeconomic models, is in fact a reasonable reconstruction of a well developed way of thinking that specifically denied a relation between wage change and aggregate employment. Neither that approach nor the idea of cost-push inflation to which it is related need be crude or superficial. Although the ideas in question were swept away by the Phillips curve, they have much merit and their reintroduction to mainstream macroeconomics might pay large dividends.

Suggested Citation

  • James Forder, 2010. "The L-shaped aggregate supply curve and the future of macroeconomics," Economics Series Working Papers 486, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:486
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    File URL: https://ora.ox.ac.uk/objects/uuid:e2d758fe-92e9-404c-b8cc-be1c8ce20563
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    Cited by:

    1. Antonella Palumbo, 2023. "Richard Lipsey and the "Tyranny" of a Unique Labour Market Equilibrium," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2023(2), pages 5-29.

    More about this item

    Keywords

    Phillips curve; Wage determination; Keynesianism;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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