Price Flexibility and Full Employment: Barking Up the Wrong (Neoclassical) Tree

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World Review of Political Economy

Volume 8, Issue 4

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Price Flexibility and Full Employment: Barking Up the Wrong (Neoclassical) Tree

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Author(s): Roy H. Grieve

Publication date (Print): Winter 2017

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: price flexibility, neoclassical and Keynesian perspectives, the AD/AS model

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Abstract

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Author and article information

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Journal ID (doi): 10.13169

Journal ID (publisher-id): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN (Print): 2042891X

ISSN (Electronic): 20428928

Publication date (Print): Winter 2017

Volume: 8

Issue: 4

Pages: 480-502

Article

Publisher ID: worlrevipoliecon.8.4.0480

DOI: 10.13169/worlrevipoliecon.8.4.0480

SO-VID: 299f22bc-b7b3-435d-b7fd-8a25720b8440

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References

Barro, R., and V. Grilli. 1994. European Macroeconomics . Basingstoke: Macmillan.
Collander, D. C. 1995. “The Stories We Tell: A Reconsideration of AS-AD Analysis.” Journal of Economic Perspectives 9 (3):169–88.
Dornbusch, R., and S. Fischer. 1990. Macroeconomics . 5th ed. New York: McGraw-Hill.
Grieve, R. H. 1998. “Two into One Won't Go.” in Aggregate Demand and Aggregate Supply: A Critique of Orthodox Macroeconomic Modelling , edited by B. B. Rao, 83–94. London: Macmillan.
Grieve, R. H. 2010. “Time to Ditch ADAS.” Review of Radical Political Economics 42 (3): 315–20.
Hahn, F. 1981. “Reflections on the Invisible Hand.” Warwick Economic Research Papers, no. 196, the Fred Hirsch Memorial Lecture, November 5.
Harcourt, G. C., and P. Kerr. 2009. Joan Robinson . Basingstoke: Palgrave-Macmillan.
Johnson, H. G. 1971. Macroeconomics and Monetary Theory . London: Gray-Mills.
Keynes, J. M. 1936. The General Theory of Employment, Interest and Money . London: Macmillan.
Keynes, J. M. 1937. “The General Theory of Employment.” Quarterly Journal of Economics . Reprinted in Keynes, J. M. 1973. Collected Writings of John Maynard Keynes , vol. XIV: 109–23. London: Macmillan.
Keynes, J. M. 1939. “Relative Movements of Real Wages and Output.” Economic Journal 49: 34–51.
Keynes, J. M. 1973. Collected Writings of John Maynard Keynes , vol. XIV. London: Macmillan.
Makin, J. M. 2006. “Japan Gently Exits Deflation.” Economic Outlook , AEI Online. Accessed October 16, 2016. http://www.aei.org/profile/john-h-makin/.
Mankiw, N. G. 1994. Macroeconomics . 2nd ed. New York: Worth.
Mankiw, N. G. 2010. Macroeconomics . 7th ed. New York: Worth.
Marshall, A. (1877) 1949. The Pure Theory of Domestic Values . London: The London School of Economics and Political Science.
Morishima, M. 1977. Walras's Economics . Cambridge: Cambridge University Press.
Moseley, F. 2010. “Criticisms of Aggregate Demand and Aggregate Supply and Mankiw's Presentation.” Review of Radical Political Economics 42 (3): 308–14.
Patinkin, D. 1959. “Keynesian Economics Rehabilitated: A Rejoinder to Professor Hicks.” Economic Journal 69: 582–87.
Patinkin, D. 1965. Money, Interest and Prices . 2nd ed. New York: Harper & Row.
Pigou, A. C. 1933. The Theory of Unemployment . London: Frank Cass.
Rao, B. B., ed. 1998. Aggregate Demand and Aggregate Supply: A Critique of Orthodox Macroeconomic Modelling . London: Macmillan.
Sraffa, P. 1960. Production of Commodities by Means of Commodities . Cambridge: Cambridge University Press.
Weintraub, E. R. 1974. General Equilibrium Theory . London: Macmillan.

Comments

Comment on this article

[1] Barro, R., and V. Grilli. 1994. European Macroeconomics . Basingstoke: Macmillan.

[2] Collander, D. C. 1995. “The Stories We Tell: A Reconsideration of AS-AD Analysis.” Journal of Economic Perspectives 9 (3):169–88.

[3] Dornbusch, R., and S. Fischer. 1990. Macroeconomics . 5th ed. New York: McGraw-Hill.

[4] Grieve, R. H. 1998. “Two into One Won't Go.” in Aggregate Demand and Aggregate Supply: A Critique of Orthodox Macroeconomic Modelling , edited by B. B. Rao, 83–94. London: Macmillan.

[5] Grieve, R. H. 2010. “Time to Ditch ADAS.” Review of Radical Political Economics 42 (3): 315–20.

[6] Hahn, F. 1981. “Reflections on the Invisible Hand.” Warwick Economic Research Papers, no. 196, the Fred Hirsch Memorial Lecture, November 5.

[7] Harcourt, G. C., and P. Kerr. 2009. Joan Robinson . Basingstoke: Palgrave-Macmillan.

[8] Johnson, H. G. 1971. Macroeconomics and Monetary Theory . London: Gray-Mills.

[9] Keynes, J. M. 1936. The General Theory of Employment, Interest and Money . London: Macmillan.

[10] Keynes, J. M. 1937. “The General Theory of Employment.” Quarterly Journal of Economics . Reprinted in Keynes, J. M. 1973. Collected Writings of John Maynard Keynes , vol. XIV: 109–23. London: Macmillan.

[11] Keynes, J. M. 1939. “Relative Movements of Real Wages and Output.” Economic Journal 49: 34–51.

[12] Keynes, J. M. 1973. Collected Writings of John Maynard Keynes , vol. XIV. London: Macmillan.

[13] Makin, J. M. 2006. “Japan Gently Exits Deflation.” Economic Outlook , AEI Online. Accessed October 16, 2016. http://www.aei.org/profile/john-h-makin/.

[14] Mankiw, N. G. 1994. Macroeconomics . 2nd ed. New York: Worth.

[15] Mankiw, N. G. 2010. Macroeconomics . 7th ed. New York: Worth.

[16] Marshall, A. (1877) 1949. The Pure Theory of Domestic Values . London: The London School of Economics and Political Science.

[17] Morishima, M. 1977. Walras's Economics . Cambridge: Cambridge University Press.

[18] Moseley, F. 2010. “Criticisms of Aggregate Demand and Aggregate Supply and Mankiw's Presentation.” Review of Radical Political Economics 42 (3): 308–14.

[19] Patinkin, D. 1959. “Keynesian Economics Rehabilitated: A Rejoinder to Professor Hicks.” Economic Journal 69: 582–87.

[20] Patinkin, D. 1965. Money, Interest and Prices . 2nd ed. New York: Harper & Row.

[21] Pigou, A. C. 1933. The Theory of Unemployment . London: Frank Cass.

[22] Rao, B. B., ed. 1998. Aggregate Demand and Aggregate Supply: A Critique of Orthodox Macroeconomic Modelling . London: Macmillan.

[23] Sraffa, P. 1960. Production of Commodities by Means of Commodities . Cambridge: Cambridge University Press.

[24] Weintraub, E. R. 1974. General Equilibrium Theory . London: Macmillan.

World Review of Political Economy

Price Flexibility and Full Employment: Barking Up the Wrong (Neoclassical) Tree

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