Neoclassical Inflation: Aggregate Supply

John Weeks
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John Weeks: Middlebury College

Chapter 12 in A Critique of Neoclassical Macroeconomics, 1989, pp 175-184 from Palgrave Macmillan

Abstract: 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).

Keywords: Price Level; General Equilibrium; Real Wage; Money Supply; Demand Curve (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-20296-6_12

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DOI: 10.1007/978-1-349-20296-6_12

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