On Mon, 14 Mar 1994 13:55:15 -0500 (EST) Rudy F. said:
>... I guess that
>I don't understand how a change in investment can be large
>enough to cause a recession or a period of expansion, in the
>short run, but not have any impact on the production function.
The idea is that the flow of investm
On Mon, 14 Mar 1994 13:55:15 -0500 (EST) Rudy F. said:
>... I guess that
>I don't understand how a change in investment can be large
>enough to cause a recession or a period of expansion, in the
>short run, but not have any impact on the production function.
The idea is that the flow of investm
Jim D. writes:
>but can't you say that the AS curve is drawn in the "Keynesian
>short run" in which the stocks of means of production are
>assumed to be given? Then capital investment leads to
>shifts in the long-run AS curve over time...
The problem I see with this argument is that we tell stu
Jim D. writes:
>but can't you say that the AS curve is drawn in the "Keynesian
>short run" in which the stocks of means of production are
>assumed to be given? Then capital investment leads to
>shifts in the long-run AS curve over time...
The problem I see with this argument is that we tell stu
Rudy F. responded to me --
>I think you made a good point about the fact that the
>aggregate demand and supply curves are not independent.
>This has always bothered me and no one seems to have
>solved the problem to my satisfaction.
>
>The problem is that investment is a component of aggrega
Rudy F. responded to me --
>I think you made a good point about the fact that the
>aggregate demand and supply curves are not independent.
>This has always bothered me and no one seems to have
>solved the problem to my satisfaction.
>
>The problem is that investment is a component of aggrega
On Mon, 14 Mar 1994 06:50:38 -0800 Rudy Fichtenbaum said:
>aggregate demand and supply curves are not independent.
>This has always bothered me and no one seems to have
>solved the problem to my satisfaction.
>
>The problem is that investment is a component of aggregate
>demand but it also affects
On Mon, 14 Mar 1994 06:50:38 -0800 Rudy Fichtenbaum said:
>aggregate demand and supply curves are not independent.
>This has always bothered me and no one seems to have
>solved the problem to my satisfaction.
>
>The problem is that investment is a component of aggregate
>demand but it also affects
On Mon, 14 Mar 1994 07:41:02 -0800 Doug H. said:
>I thought Keynes liked the idea of inflation subtly lowering real wages.
>Is this a Marxist slander against him?
No it isn't. In the GT, Keynes saw inflation exactly in this way.
Tarshis and Dunlop criticized his assumption that real wages fall as
On Mon, 14 Mar 1994 07:41:02 -0800 Doug H. said:
>I thought Keynes liked the idea of inflation subtly lowering real wages.
>Is this a Marxist slander against him?
No it isn't. In the GT, Keynes saw inflation exactly in this way.
Tarshis and Dunlop criticized his assumption that real wages fall as
On Mon, 14 Mar 1994 06:51:12 -0800 Rudy F. said:
>The problem is that investment is a component of aggregate
>demand but it also affects aggregate supply since
>investment is the change in the capital stock.
but can't you say that the AS curve is drawn in the "Keynesian
short run" in which the st
On Mon, 14 Mar 1994 06:51:12 -0800 Rudy F. said:
>The problem is that investment is a component of aggregate
>demand but it also affects aggregate supply since
>investment is the change in the capital stock.
but can't you say that the AS curve is drawn in the "Keynesian
short run" in which the st
Doug H. writes:
>
>I thought Keynes liked the idea of inflation subtly lowering real wages.
>Is this a Marxist slander against him?
>
Keynes may have liked the idea and was honest enough to admit it.
But I was referring to standard textbook treatment of the
issue. Are there standard textbooks
Doug H. writes:
>
>I thought Keynes liked the idea of inflation subtly lowering real wages.
>Is this a Marxist slander against him?
>
Keynes may have liked the idea and was honest enough to admit it.
But I was referring to standard textbook treatment of the
issue. Are there standard textbooks
I thought Keynes liked the idea of inflation subtly lowering real wages.
Is this a Marxist slander against him?
Doug
Doug Henwood [[EMAIL PROTECTED]]
Left Business Observer
212-874-4020 (voice)
212-874-3137 (fax)
On Mon, 14 Mar 1994 [EMAIL PROTECTED] wrote:
> Mike,
>
> I think you made a goo
I thought Keynes liked the idea of inflation subtly lowering real wages.
Is this a Marxist slander against him?
Doug
Doug Henwood [[EMAIL PROTECTED]]
Left Business Observer
212-874-4020 (voice)
212-874-3137 (fax)
On Mon, 14 Mar 1994 [EMAIL PROTECTED] wrote:
> Mike,
>
> I think you made a goo
;t think most mainstreamers would accept the label.
>
>Doug
>
>Doug Henwood [[EMAIL PROTECTED]]
>Left Business Observer
>212-874-4020 (voice)
>212-874-3137 (fax)
>
>On Fri, 11 Mar 1994 [EMAIL PROTECTED] wrote:
>
>> Dear Penners --
>>
>> Is there a
;t think most mainstreamers would accept the label.
>
>Doug
>
>Doug Henwood [[EMAIL PROTECTED]]
>Left Business Observer
>212-874-4020 (voice)
>212-874-3137 (fax)
>
>On Fri, 11 Mar 1994 [EMAIL PROTECTED] wrote:
>
>> Dear Penners --
>>
>> Is there a
I apologize if what follows is merely rehashing the obvious.
I have always been bothered by the AD / AS analysis because even ON ITS OWN
TERMS it seems so ridiculously wrong-headed.
In a single product market with everything else not changing, it is perhaps
legitimate to imagine an array of pric
I apologize if what follows is merely rehashing the obvious.
I have always been bothered by the AD / AS analysis because even ON ITS OWN
TERMS it seems so ridiculously wrong-headed.
In a single product market with everything else not changing, it is perhaps
legitimate to imagine an array of pric
A quick addendum to Doug's point:
>A follow-up to the previous: money growth correlates well with nominal
>income growth, but no one has been able to explain how it divides into
>real vs. price growth.
>
>Doug
... nor has anyone been able to prove that the direction of causation is FROM
mon
A quick addendum to Doug's point:
>A follow-up to the previous: money growth correlates well with nominal
>income growth, but no one has been able to explain how it divides into
>real vs. price growth.
>
>Doug
... nor has anyone been able to prove that the direction of causation is FROM
mon
On Fri, 11 Mar 1994 [EMAIL PROTECTED] wrote:
> The price level is taken as exogenous in defining the LM, and by
> extension, in deriving the AD curve, so the question translates as
> follows: is there any way to explain a shift in the price level
> that does not presuppose a change in the mone
On Fri, 11 Mar 1994 [EMAIL PROTECTED] wrote:
> The price level is taken as exogenous in defining the LM, and by
> extension, in deriving the AD curve, so the question translates as
> follows: is there any way to explain a shift in the price level
> that does not presuppose a change in the mone
A follow-up to the previous: money growth correlates well with nominal
income growth, but no one has been able to explain how it divides into
real vs. price growth.
Doug
Doug Henwood [[EMAIL PROTECTED]]
Left Business Observer
212-874-4020 (voice)
212-874-3137 (fax)
A follow-up to the previous: money growth correlates well with nominal
income growth, but no one has been able to explain how it divides into
real vs. price growth.
Doug
Doug Henwood [[EMAIL PROTECTED]]
Left Business Observer
212-874-4020 (voice)
212-874-3137 (fax)
On Fri, 11 Mar 1994 [EMAIL PROTECTED] wrote:
> Dear Penners --
>
> Is there anybody out there who can explain to me
> the logic of the aggregate demand curve, found in
> intro and intermediate macro texts?
>
> According to the books I've used, an incr
On Fri, 11 Mar 1994 [EMAIL PROTECTED] wrote:
> Dear Penners --
>
> Is there anybody out there who can explain to me
> the logic of the aggregate demand curve, found in
> intro and intermediate macro texts?
>
> According to the books I've used, an incr
Ellen writes--
>
> Is there anybody out there who can explain to me
> the logic of the aggregate demand curve, found in
> intro and intermediate macro texts?
>
> According to the books I've used, an increase in the
> price level, with the money supply
On Fri, 11 Mar 1994 [EMAIL PROTECTED] wrote:
> According to the books I've used, an increase in the
> price level, with the money supply fixed, shifts the LM curve
> leftward, resulting in a lower level of equilibrium output.
> But why would the price level increase if the money supply
>
On Fri, 11 Mar 1994 [EMAIL PROTECTED] wrote:
> According to the books I've used, an increase in the
> price level, with the money supply fixed, shifts the LM curve
> leftward, resulting in a lower level of equilibrium output.
> But why would the price level increase if the money supply
>
Dear Penners --
Is there anybody out there who can explain to me
the logic of the aggregate demand curve, found in
intro and intermediate macro texts?
According to the books I've used, an increase in the
price level, with the money supply fixed, shifts the LM curve
lef
Dear Penners --
Is there anybody out there who can explain to me
the logic of the aggregate demand curve, found in
intro and intermediate macro texts?
According to the books I've used, an increase in the
price level, with the money supply fixed, shifts the LM curve
lef
Some time ago Peter Dorman did supply a knock out blow to the Agg. Demand curve,
He was compiling the results of a long pen-l exchange on the subject. Maybe
he will re-emerge to re-enlighten us.
___
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-89
Some time ago Peter Dorman did supply a knock out blow to the Agg. Demand curve,
He was compiling the results of a long pen-l exchange on the subject. Maybe
he will re-emerge to re-enlighten us.
___
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-89
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