The Neoclassical Model with a Supply Side

John Weeks
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John Weeks: Middlebury College

Chapter 2 in A Critique of Neoclassical Macroeconomics, 1989, pp 15-35 from Palgrave Macmillan

Abstract: Abstract The supply side of the synthesis model involves the introduction of an aggregate relationship between factor inputs and output. For those who believe that The General Theory achieved its claim of generality by focusing analysis upon a capitalist economy under conditions of less than full employment of resources, this relation, ‘the aggregate production function’ is an anathema, a Trojan Horse which dominates the entire synthesis model and undermines all of Keynes’s insights. The full implications of the aggregate production function will be explored in Chapter 10. At this point we show that it becomes the keystone of the model, establishing the equilibrium solution to the system.

Keywords: Labour Market; Interest Rate; Supply Side; Aggregate Demand; Consumption Expenditure (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_2

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DOI: 10.1007/978-1-349-20296-6_2

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