A dynamic approach to the theory of effective demand
ANWAR SHAIKH
Abstract:This paper attempts to resituate the theory of effective demand within a dynamic nonequilibrium context. Existing theories of effective demand, which derive from the works of Keynes and Kalecki, are generally posed in state equilibrium terms. That is to say, they serve to define a given level of output which corresponds to the equilibrium point between aggregate demand and supply. We propose to generalize this analysis in three ways. First, we will extend the analysis to encompass a dynamic (i.e. moving) short… Show more
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