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The Identity between Aggregate Supply and Demand Price Equilibrium and Labour Market Equilibrium at Less than Full Employment

  • J. A. Kregel

Abstract

As Professor Harcourt has observed,1 the same formal proposition can be expressed in any number of languages. The different linguistic expression does not always produce exactly the same meaning, although in general it conveys the same basic or general idea. As we all know, Keynes himself was not particularly wedded to any particular method of presenting his theory: indeed he was considering a new formulation when illness and governmental commitments intervened.2 There should then be little reason to dispute alternative presentations. Instead, it may be more fruitful for those interested in Keynes’s ideas to try to identify the basic contributions of the General Theory in order to identify whether or not the different languages, or different approaches, express the same basic concepts.

Keywords

Demand Curve Full Employment Supply Curve Monetary Economy Future Consumption 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

  1. Clower, R. W. (1984) ‘Keynes and the Classics: A Dynamical Perspective’, reprinted in Money and Markets: Essays by Robert W. Clower, Donald A. Walker, ed. (Cambridge University Press) pp. 2–6.Google Scholar
  2. Keynes, J. M. (1973a) ‘The General Theory and After — Part I Preparation’, The Collected Writings of John Maynard Keynes (Macmillan St. Martin’s Press for the Royal Economic Society) vol. XIII.Google Scholar
  3. Keynes, J. M. (1973b) ‘The General Theory and After — Part II Defence and Development’, The Collected Writings of John Maynard Keynes (Macmillan St. Martin’s Press for the Royal Economic Society) vol. XIV.Google Scholar
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  6. Smith, A. (1976) An Inquiry in the Nature and Causes of the Wealth of Nations (Glasgow Edition, Oxford University Press).Google Scholar

Copyright information

© Mario Sebastiani 1992

Authors and Affiliations

  • J. A. Kregel

There are no affiliations available

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