Explaining the aggregate price level with Keynes's principle of effective demand

Arbeitspapier

The conventional wisdom about Keynes's Principle of Effective Demand is that it states something about quantities. It is widely held that the Principle determines the levels of output and employment in a world not governed by Say's Law. This paper argues that the Principle of Effective Demand goes beyond this to explain not only real activity levels but also the aggregate price level. A variant of the Post Keynesian D/Z-model is brought together with Marxian reproduction schemes to derive this result.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: KOF Working Papers ; No. 95

Klassifikation und Themen

• Klassifikation: Wirtschaft ; History of Economic Thought through 1925: Socialist; Marxist ; History of Economic Thought: Macroeconomics ; Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data) ; Price Level; Inflation; Deflation
• Thema: Effective demand ; multiplier ; Post Keynesianism ; D/Z-model ; reproduction schemes ; Gesamtwirtschaftliche Nachfrage ; Multiplikator ; Preisniveau ; Postkeynesianismus ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Hartwig, Jochen
• Ereignis: Veröffentlichung
• (wer): ETH Zurich, KOF Swiss Economic Institute
• (wo): Zurich
• (wann): 2004

Weitere Informationen

• Handle: http://hdl.handle.net/10419/50880
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ