On Keynes Aggregate Supply Function

Jose Encarnacion

No 1993-05, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: The usual interpretation of Keynes aggregate supply function is that it is based on the ordinary supply function where the output supplied is a function of price such that its marginal costs is equated to price. In this paper it is argued that Keynes concept is based on Marshalls supply function where the supply price is a function of quantity and the supply price is average cost including normal profit.

Date: 1993-05
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Published as UPSE Discussion Paper No.1993-05, May 1993

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