Sunday, September 16, 2018

Asad Zaman — Simple Model Explains Complex Keynesian Concepts

Not MMT, but you may find this of interest.
In the context of the radical Macroeconomics Course I am teaching, I was very unhappy with the material available which tries to explain what Keynes is saying. In attempting to explain it better, I constructed an extremely simple model of a primitive agricultural economy. This model has a lot of pedagogical value in that it can demonstrate many complex phenomenon in very simple terms. In particular, Keynesian, Marxists, Classical and Neo-Classical concepts can be illustrated and compared within our model. We will show the failure of all neoclassical concepts of labor, Supply and Demand, equality of marginal product, value theory — the whole she-bang — in an intuitive and easy to understand plausible model of a simple economy.
WEA Pedagogy Blog
Simple Model Explains Complex Keynesian Concepts
Asad Zaman | Vice Chancellor, Pakistan Institute of Development Economics and former Director General, International Institute of Islamic Economics, International Islamic University Islamabad

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