It is anti-keynesian in the sense that it suggests that appropriate prices
can guide an economy. It is anti-k. because it ignores the role of
expectations. It is anti-k. because it is used to suggest that
intervention in the economy cannot do much good.
>
> michael,
> OK, I grant that on pp. 300-303 of the GT, Keynes
> does not describe an AD curve in P-Q space, although
> he clearly describes an AS, curve, without calling it that.
> So, perhaps a downward-sloping AD curve in P-Q
> space is "non-Keynesian" in that sense. But, why is it
> "anti-Keynesian"? After all, a downward-sloping AD
> curve allows for cost-push inflation theories, although
> one can get that with a vertical or upward-sloping AD
> if one has it shift backwards due to falling income with
> a backward-shifting AS curve.
> Barkley Rosser
>
>
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
