Abstract
In the last chapter, we constructed the aggregate supply schedule on the assumptions that:
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(a)
businesses aimed to maximise profits
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(b)
the market system was one of ‘pure competition’
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(c)
a short-run production function existed, while both the stock of real capital (K) and the money wage rate (W) were given: the former as the result of history, the latter as the result of a bargaining process yet to be discussed in any detail
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Suggested reading
M. N. Baily, ‘Stabilization Policy and Private Economic Behaviour’, Brookings Papers on Economic Activity, 1 (1978).
E. F. Denison, Accounting f or Slower Growth: the United States in the 1970s (Brookings Institution, 1980).
*S. J. Nickell, ‘The Influence of Uncertainty on Investment: Is it Important?’, Economic Journal (March 1977).
D. C. Rowan, ‘Macroeconomic Policy and Industrial Performance’, paper delivered at the International Symposium on Industrial Policies for the 1980s (Madrid, May 1980.)
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© 1983 D. C. Rowan
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Rowan, D.C. (1983). Aggregate Supply: A Further Look. In: Output, Inflation and Growth. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-06800-5_17
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DOI: https://doi.org/10.1007/978-1-349-06800-5_17
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-06802-9
Online ISBN: 978-1-349-06800-5
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