By B. Bhaskara Rao
'I want Professor Rao and his collaborators each good fortune in making sure that destiny generations of scholars would not have to place up with logically incoherent foundations to their knowing of contemporary financial structures' - G.C. Harcourt, Jesus university, Cambridge there's now an expanding realisation that the preferred textbook macroeconomic version of mixture call for and provide is logically improper. whereas there's a large contract one of the reviews on those logical flaws there was no such contract on how the elemental textbook macromodel can be transformed. The essays during this quantity comprise very promising replacement types so as to considerably impression the way in which macroeconomics may be taught sooner or later.
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Additional resources for Aggregate Demand and Supply: A Critique of Orthodox Macroeconomic Modelling
51 developed; and it is his way of representing the Keynesian three way exchange on a two dimensional diagram. The three markets are, as in Keynes, the goods, money and the bond markets and the three main concepts used to explain the three way exchange are the marginal efficiency of capital, the consumption function and the liquidity preference. Note that the labour market has been ignored. , the price of goods and the price of bonds which is the reciprocal of the rate of interest. Because of the Walras law, iftwo markets are in equilibrium the third market must be also in equilibrium.
There are two distinct problems with this argument. First, recall that the authors' discussion of the income taxbracket effect focuses on the effect on consumption spending while ignoring the effect on government spending. Yet, their discussion of the property and sales tax effect does just the opposite; government spending is affected but not consumer spending. If a rise in the price level reduces real property tax payments, it may reduce real government spending; but, presumably, the price level rise should also increase consumer spending, if real tax bills decline.
The difference is that the former deals with real money demand and supply while the latter is in terms of nominal money supply and demand. The two approaches are essentially equivalent, though not all textbook authors note explicitly whether they are dealing with nominal or real money demand and supply. Tobin (1993) cites Chapter 19 of The General Theory as the origin of the Keynes effect. In that chapter Keynes makes a list of possible effects of a reduction in nominal wages. The fifth item on the list is the argument that The reduction in the wages-bill, accompanied by some reduction in prices and in money-incomes generally, will diminish the need for cash for income and business purposes; and it will therefore reduce pro tanto the schedule of liquidity preference for the community as a whole.
Aggregate Demand and Supply: A Critique of Orthodox Macroeconomic Modelling by B. Bhaskara Rao