Explaining the aggregate price level with Keynes's principle of effective demand
Bibliographic Data
| ID | 9256563 |
|---|---|
| Authors | Jochen Hartwig (0000-0002-8138-5920, ETH Zurich, corresponding author) |
| Year | 2006 |
| Volume | 64 |
| Issue | 4 |
| Pages | 469-492 |
| Publication date | 2006-12-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Social Economy (JOURNAL) |
| Journal identifiers | ISSN: 0034-6764 • E-ISSN: 1470-1162 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00346760601024443 |
| OpenAlex | W3121950364 |
| Language | EN |
| Citations received | 3 |
| References cited | 30 |
The mainstream view of Keynes's principle of effective demand is that it states something about quantities—and about quantities only. The principle is held to determine the levels of output and employment in a world not governed by Say's law. This paper argues that the principle of effective demand goes beyond this to explain not only ‘real’ activity levels but also the aggregate price level. A variant of the post-Keynesian D/Z-model is brought together with Marxian reproduction schemes to derive this result
Aggregate (composite) · Aggregate demand · Applied economics · Econometrics · Economics · Effective demand · Heterodox economics · Keynesian economics · Mainstream · Mainstream economics · Mathematical economics · Microeconomics · Monetary policy · Neo-Keynesian economics · Neoclassical economics · Reproduction · Economic Theory and Institutions · Economic Theory and Policy · Law · Political Economy and Marxism
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| Unique citing works | 3 |
|---|---|
| Citations per year | 0,2 |
| Citation span | 2011 - 2025 (15) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |