A General Theory of the Price Level, Output, Income Distribution, and Economic Growth

A General Theory of the Price Level, Output, Income Distribution, and Economic Growth

A General Theory of the Price Level, Output, Income Distribution, and Economic Growth

A General Theory of the Price Level, Output, Income Distribution, and Economic Growth

Excerpt

I have in these pages developed a glimmer of an idea that had been stirring in my mind for some time. As I worked with it, aided by the excellent statistics of the Department of Commerce, I found that the conceptualization was even more general than I had hoped. I think a single idea is able to unify important parts of the theory of the price level, output, income distribution and growth theory. Too, I think I have taken a necessary step to bring a compatible form of price level theory back into macroeconomics, an aspect which the late Lord Keynes in his giant contribution tended to neglect.

I must thank Professors Irwin Friend and Lawrence Klein for some suggestions that proved useful in securing quantitative data and numerous helpful remarks. Professor Klein, with his fine, quick intuition also encouraged me to a degree he could not suspect when one or two others almost dissuaded me from following through on my idea. Professors Richard Easterlin and Irving Kravis helped put the argument in better perspective. My students, Eugene Smolensky and Jan Dutta, performed several of the computations.

I am thankful to my wife Sheila and my older son Roy . . .

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