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Microfoundations Matter for Keynesian Unemployment

Summary:
Lec 7 of Adv Macro [see Course Website: sites.google.com/site/az4macro. Keynes provides a general broad outline — a model IDEA, and not a model. Within this outline, there are many ways to fill in the details — these are the so-called Microfoundations for Keynes. Depending on HOW we fill in the details, we can get to ...

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Lec 7 of Adv Macro [see Course Website: sites.google.com/site/az4macro. Keynes provides a general broad outline — a model IDEA, and not a model. Within this outline, there are many ways to fill in the details — these are the so-called Microfoundations for Keynes. Depending on HOW we fill in the details, we can get to different types of models with different types of phenomena, which may be called effective demand. This means that microfoundations, left unspecified by Keynes, matter in both the interpretation of his theory of effective demand, and also in terms of whether or not the central phenomena: an equilibrium at which unemployment exists – can be demonstrated within the model.


Asad Zaman
Physician executive. All opinions are my personal. It is okay for me to be confused as I’m learning every day. Judge me and be confused as well.

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