Bill Mitchell — Productivity and the response of firms to the business cycle

I am now using Friday’s blog space to provide draft versions of the Modern Monetary Theory textbook that I am writing with my colleague and friend Randy Wray. We expect to complete the text by the end of this year. Comments are always welcome. Remember this is a textbook aimed at undergraduate students and so the writing will be different from my usual blog free-for-all. Note also that the text I post is just the work I am doing by way of the first draft so the material posted will not represent the complete text. Further it will change once the two of us have edited it.

The following text continues Chapter 9 Introduction to Aggregate Supply. The numbering of Sections and Sub-Headings will be consistent once the text is in draft form.

Factors Affecting Aggregate Output per Hour

Read it at Bill Mitchell — billy blog

Productivity and the response of firms to the business cycle

by Bill Mitchell