Edited by Steven Kates
Chapter 8: The problem of Keynesian aggregation
AbstractKeynesian economists go off track by treating the economy as if it were one gigantic business producing a single output called GDP using a known technology. This leads Keynesians to propose misguided theories of unemployment while ruling out by assumption the main likely source of unemployment. In a complex economy, unemployment is likely due to the time and cost that it takes for entrepreneurs to discover new products, processes, and trading patterns when existing patterns become unprofitable.
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