Abstract
This essay discusses the implications of the idea that the Keynesian premise implies deviations between the normal and the average degrees of utilization. A system of equations called the “average system” is proposed for the study of average values, as distinct from normal values, by way of a hypothetical steady- state growth path for each sector. A long-period implication of the short-period under-utilization of productive capacity is presented in terms of a two-sector model. Blackwell Publishers Ltd, 1997.
Original language | English |
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Pages (from-to) | 188-199 |
Number of pages | 12 |
Journal | Metroeconomica |
Volume | 48 |
Issue number | 2 |
DOIs | |
Publication status | Published - 1997 Jan 1 |
Externally published | Yes |
ASJC Scopus subject areas
- Economics and Econometrics