Capital Accumulation, Technical Progress and Labour Supply Growth: Keynes's Approach to Aggregate Supply and Demand Analysis Revisited

• Published in: Review of political economy Vol. 21; no. 1; pp. 23 - 49
• Main Author: Palacio-Vera, Alfonso
• Format: Journal Article
• Language: English
• Published: London Routledge 01.01.2009; Taylor and Francis Journals; Taylor & Francis Ltd
• Series: Review of Political Economy
• Subjects: 20th century; Capital; Capital theory; Employment; History of economic thought; Keynes, John Maynard; Keynesian theory; Keynesianism; Labor supply; Macroeconomics; Studies; Supply & demand; Supply and demand

This paper addresses the effects on employment and the price level of a range of factors including capital accumulation, technical progress and money wage changes by formalising the aggregate supply and demand framework posited by Keynes in his General Theory. We find that labour-augmenting technica...