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Aggregate Supply and Demand: An Explanation of Chapter III of The General Theory*

Published online by Cambridge University Press:  07 November 2014

Paul Wells
Paul Wells*
Affiliation:
University of Illinois
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Abstract

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Type
Notes and Memoranda
Information
Canadian Journal of Economics and Political Science/Revue canadienne de economiques et science politique , Volume 28 , Issue 4 , November 1962 , pp. 585 - 590
Copyright
Copyright © Canadian Political Science Association 1962

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Footnotes

*

The author is indebted to Professors Philip Cartwright and B. F. Haley and to the editorial readers of this Journal for many helpful comments.

References

1 Keynes, J. M., The General Theory of Employment, Interest and Money (London, 1949), 24–5.Google Scholar

2 It should be noted that the above assumptions are mine and not Keynes's.

3 The assumptions made above that X′ > 0, X″ < 0, and X′″ = 0 guarantee that decreases as N increases. The proof is as follows: . Thus dZ/dN = w[1 − XX″/(X′)2]. Hence , which inspection shows to be positive.

4 General Theory, 28–9.

5 Ibid., pp. 280–91.

6 Patinkin, D., Money, Interest, and Prices (Evanston, 1956), 222, 237, and 251 Google Scholar; also “Involuntary Unemployment and the Keynesian Supply Function,” Economic Journal, LIX, 360–83.Google Scholar

7 Additional support for this conclusion is to be found in chapters xx and xxi of the General Theory, and in Neisser, H., “Keynes's Aggregate Supply Function: Further Comments,” Economic Journal, LXXI, 850–2.Google Scholar