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Keynes's Z function: a reply to Hartwig and Brady.

A response to a commentary by Jochen Hartwig and Michael Brady that appeared in this issue on pp. 815–819. In their commentary, Hartwig and Brady reflected on the writer's reexamination of the foundation of Keynes' economics and agreed it was necessary. Nonetheless, observing that Hartwig and Bra...

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Published in:Cambridge Journal of Economics Vol. 32; no. 5; pp. 811 - 815
Main Author: Hayes, M. G.
Format: Article
Published: Oxford University Press / UK September 2008
Subjects:
Keynes, John Maynard, 1883-1946
Mathematical models of supply & demand
Marginal productivity
Mathematical models
Neoclassical school of economics
Online Access:View this record in EBSCOhost
Summary:A response to a commentary by Jochen Hartwig and Michael Brady that appeared in this issue on pp. 815–819. In their commentary, Hartwig and Brady reflected on the writer's reexamination of the foundation of Keynes' economics and agreed it was necessary. Nonetheless, observing that Hartwig and Brady take him to task on three particular issues, he addresses each: the inadmissibility of assuming homogeneous aggregate output; the prices implicit in the aggregate demand and supply functions; and derivatives, differentials, and factor cost other than labor.