D and Z in ROPE

Jochen Hartwig

No 09-243, KOF Working papers from KOF Swiss Economic Institute, ETH Zurich

Abstract: The Review of Political Economy (ROPE) welcomed the year 2009 with an issue in which the first two articles use an interesting yet not very popular modeling framework, namely the aggregate demand/aggregate supply (D/Z) model from Chapter 3 of Keynes's General Theory. Unfortunately, as I intend to show in this paper, the interpretations of Keynes's D/Zmodel proposed by these two articles contradict each other. To resolve this unsatisfactory state of affairs, I will offer an evaluation of which of the two interpretations is more in line with Keynes's own suggestions.

Keywords: Keynes's D/Z model; effective demand; Post Keynesianism (search for similar items in EconPapers)
Pages: 19 pages
Date: 2009-01
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:kof:wpskof:09-243

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