The Simple Macroeconomics of a Non-ergodic Monetary Economy Versus a Share Economy: Is Weitzman’s Macroeconomics Too Simple?

Louise Davidson

Chapter 46 in Money and Employment, 1990, pp 598-610 from Palgrave Macmillan

Abstract: Abstract Years ago, Dennis Robertson (1956, p. 81) uttered the following witticism about economic analysis: ‘Now as I have often pointed out to my students, some of whom have been brought up in sporting circles, highbrow opinion is like a hunted hare: if you stand in the same place, or nearly the same place, it can be relied upon to come round to you in a circle.’ Martin Weitzman’s (1985) effort to demonstrate that (a) a money-wage system is the cause of unemployment, and (b) a cooperative (share) economy presents no obstacle to full employment is the latest example in this Robertsonian genre in several respects.

Keywords: Aggregate Demand; Full Employment; Liquid Asset; Aggregate Supply; Money Balance (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-11513-6_47

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