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A price-theoretic construction of the general theory

Gillman, Max 1997. A price-theoretic construction of the general theory. [Discussion Paper]. School of Economics Discussion Paper, University of New South Wales: University of New South Wales School of Economics. Available at: http://econpapers.repec.org/paper/fthnesowa/97_2f0...

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Abstract

The paper reconstructs the simple Keynesian IS-LM model form Keyne's (1930) theory of the aggregate price. It does by constructing the total cost and revenue functions that are implied by Keyne's theory of price. The paper points out how the price theory contains an incorrect definition of scarcity rent, how this infuses the simple Keynesian model, and how a lack of scarcity results. It also demonstrates how the cost-revenue interpretation can be corrected and used for economic analysis.

Item Type: Monograph (Discussion Paper)
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
Publisher: University of New South Wales School of Economics
Last Modified: 19 Mar 2016 23:13
URI: http://orca.cf.ac.uk/id/eprint/43594

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