A Further Note on the Aggregate Supply Function

Brazelton Robert W. , “A Survey of Some Misinterpretations of Keynes,” in Journal of Post Keynesian Economics, Volume III, No 2, Winter, 1980–81, pp 258–290. See also, Brazelton, “Some Major Changes in the Principles of Economics as Exemplified by the Principles of Economics of Paul Samuelson, 1948–1973”, The American Economist, Fall, 1977, pp. 3–11.

Brazelton Robert W. , “The Americanization of Keynes: A Lack of Historical Perspective,” The Collegiate Forum, Dow-Jones and Company, Fall, 1977, p. 6.

Brazelton Robert W. , “45° Keynesianism, Imperfect Competition and Macroeconomic Disequilibrium: A Comment,” Quarterly Review of Economics and Business, Volume 21, Fall, 1981, pp. 98–100. This is a comment on an article by R. D. Peterson of the same title and journal, Volume 20, pp. 28–35. A reply by Peterson to me follows my comment, pp. 100–102. Peterson correctly points out that the market structure effects investment and, thus, the slope of the linear supply function. I agree, but add wage/price increases, which make the Peterson function curvilinear, not linear. The result further diminishes real output on the horizontal axis.

Keynes J. M. , The General Theory of Employment, Interest and Money, Harcourt-Brace and Company, (New York, 1937).

Reinwald Thomas P. , “A Note on the Treatment of Aggregate Supply in Some Textbooks”, The American Economist, Spring, 1977, p. 63.

Sangha Kehar S. , “A Comment on the Aggregate Supply Function,” The American Economist, Fall, 1979, p. 67.

Weintraub Sidney , Classical Keynesianism, Monetary Theory, and the Price Level, Chilton Press (New York and Philadelphia, 1961), Especially Chapter 1. Also see, Weintraub, “The Missing Theory of Money Wages,” Journal of Post Keynesian Economics, Winter, 1978–79, pp. 59–78.