Connell Fanning, David O. Mahony, David O'Mahony, Jo Campling, "The General Theory of Profit Equilibrium: Keynes and the Entrepreneur Economy"
Publisher: Palgrave Macmillan | 1997-12 | ISBN 0312210272 | PDF | 220 pages | 2.04 MB
Fanning and Mahony give a good overall summary of Keynes's general ideas and conclusions,but do not have the slightest idea of what it was that Keynes demonstrated technically in the General Theory with his D-Z model of chapters 20 and 21.They cover the D-Z model in a very broad,qualitative way,failing to show that the D-Z model specifies a set of multiple,stable equilibria.The set of stable,multiple equilibria is specified by Keynes's aggregate supply CURVE(and not the aggregate supply function,Z,which is specified by Z=P+wN,where w is the nominal wage and N equals total employment),a locus of all possible expected outcomes,where,for each expected price,p, there is an expected profit,P.There is thus a set of D=Z tangencies.Only one of this set is a full employment equilibrium.All of the other members of the set represent unemployment equilibriums.Mathematically,Keynes derived the following condition from his elasticity analysis contained in chapters 20 and 21 of the GT plus the elasticity specified on page 116-w/p=mpl/(mpc+mpi),where mpl is the aggregate marginal productivity of labor derived from a neoclassical aggregate production function,mpc is the marginal propensity to spend on consumption goods,and mpi is the marginal propensity to spend on investment
goods.A full employment equilibrium requires that mpc+mpi=1.If mpc+mpi<1,a stable unemployment equilibrium is obtained in the commodity market.This then leads to an unemployment disequilibrium in the labor market because the money wage will have to rise to maintain the necessary equality between the real wage and the marginal product of labor.It is impossible in such a situation for labor,as a whole,to cut its money wage to increase employment.This is the major result Keynes derived in the GT.Fanning and Mahony implicitly state this result but are unable to supply the specifics of Keynes's demonstration.
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