Market equilibrium | Supply, demand, and market equilibrium | Microeconomics |

Eine kritische Bestandsaufnahme des Standartlehrbuches „Grundzüge der Mikroökonomie“

The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians, Kaldorians, Institutionalists) and also in some strands of neo-Marxian economics, particularly in the monopoly capitalism and underconsumptionist school In this contribution, we will therefore outline the foundations of the principle of effective demand and its relationship with the respective notion of a capitalist or a monetary production economy in the works of Marx, Kalecki and Keynes. Then we will deal with heterodox short-run macroeconomics and it will provide a simple short-run model which is built on the principle of effective demand, as well as on distribution conflict between different social groups (or classes): rentiers, managers and workers. Finally, we will move to the long run and we will review the integration of the principle of effective demand into heterodox/post-Keynesian approaches towards distribution and growth.

In this short talk, Nicole Pepperell discusses Albert Hirschman's book "Rival Views of Market Society and Other Recent Essays". Among others, he discusses different conceptions of the characteristics and dynamics of capitalist societies.

How does high school affect our values in life? Professor Rober Akerlof provides an explanation and discusses recent developments in Behavioral Economics in this video. Scheduled: 08.07.2021