Capitalism Macroeconomics Lecture 5

Update: 2020-10-05

Description

Say’s Law. Monetary demand and real demand; why only more production and supply can increase real demand. Say’s Law and the harmony of long-run self-interests. Say’s Law and the impossibility of a general overproduction; why falling prices caused by increased production do not represent deflation.

READINGS

Reisman: pp. 559–599

Optional: James Mill, “Consumption” and “Of the National Debt” in Supplementary Readings in Macroeconomics

[James Mill, Commerce Defended, reprinted in James Mill Selected Economic Writings]; Optional: Samuelson, Chapter 12

Comments

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Capitalism Macroeconomics Lecture 5

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Capitalism Macroeconomics Lecture 5

George Reisman

Capitalism Macroeconomics Lecture 5