Expected Aggregate Demand, the Production Period, and the Keynesian Theory of Aggregate Supply

Thomas Palley

Chapter 5 in Post Keynesian Economics, 1996, pp 71-86 from Palgrave Macmillan

Abstract: Abstract A common charge levelled against Keynesian economics is that it fails to adequately address the supply side of the economy. Yet Keynes was clearly concerned about aggregate supply as is evident from the prominent role given to the aggregate supply function in Chapter 3 of The General Theory. That this is so is not surprising, since it is hard to address the question of employment determination without addressing the production decision of firms.

Keywords: Interest Rate; Real Interest Rate; Rational Expectation; Aggregate Demand; Nominal Interest Rate (search for similar items in EconPapers)
Date: 1996
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DOI: 10.1057/9780230374126_5

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