Economic Theory

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By John Weeks (auth.)

ISBN-10: 0312034709

ISBN-13: 9780312034702

ISBN-10: 0333493826

ISBN-13: 9780333493823

ISBN-10: 1349202967

ISBN-13: 9781349202966

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Additional resources for A Critique of Neoclassical Macroeconomics

Sample text

Indeed, money income is just another name for value added. The relationship, value added equals wages plus profits, remains a definition when measured in real terms, by whatever method of deflation. On the other hand, y = rk + wl also holds by definition as a production relationship, since an 'assumption' (constant returns to scale) is one aspect of defining a function. There is an important difference between the two senses in which equality holds. In the first case, y = rk + wl is a definition which carries with it no implications for the behaviour of the economy.

In this type of theorising, actual outcomes enter only at the end of the process, compared against the ideal constructions, usually in a statistical test. 2 CONSTRUCTING THE 'REAL' SYSTEM In our discussion of the circular flow, the hypothetical neoclassiscal economy was one in which no commodities were produced, but only distributed. Now one can see the utility of this presumption. Assuming no production is an explicit recognition of the necessity of considering the world in terms of a single commodity which itself has no material inputs.

At this point we can identify two: the process by which the demand for different commodities is matched with their supply in an aggregate context; 3 and lags and changes associated with the production process, occurring between the sale of one period's output and the subsequent manufacture of the next set of commodities. Since there is only one commodity in the system, the price adjustments which play such a central role in the neoclassical model must do their work outside of the market for commodities.

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A Critique of Neoclassical Macroeconomics by John Weeks (auth.)

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