Dogmatism

Steven Rosefielde and Daniel Quinn Mills

Chapter 11 in Global Economic Turmoil and the Public Good, 2015, pp 137-140 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Macroeconomic theory as Keynes stressed in the introduction to his General Theory rests on the assumption that the economy is in equilibrium everywhere except the labor market. The supply and demand for all goods and services, the composition of employment, prices, wages and the interest rate are all competitively efficient at every non-full employment level of aggregate activity (on various production feasibility frontiers), but “sticky wages” prevent adjustment to competitive full employment. Keynes famously claimed that this deficiency can be resolved with sufficient government deficit spending…

Keywords: Global Economic Crisis; Global Financial Crisis; Crisis Prevention; Global Economic Sclerosis; European Union; Monetary Union; Fiscal Union; United States; China; India; Japan; Monetary Policy; Keynesianism; Central Banking; Fiscal Policy (search for similar items in EconPapers)
Date: 2015
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