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

By Sidney Weintraub | Go to book overview

7
The Wedding Ceremony: Price Level and Aggregate Output

This is the only chapter that is directed primarily to specialists in economics. The rest of the book requires very little formal training. The chapter is brief and these few pages may be omitted without any loss of continuity or essential substance, so far as the theory of the price level goes.


The Wedding Announcement

The announcement that the theory of the price level was to be married to the theory of output in a macroeconomic union was made in the opening pages. The initial arrangements have been made and the brief ceremony can come off. While I have some reservations on whether it is a wholly correct union, I think it may be a fruitful one.

In the previous chapters, some formal equations for the determination of the price level were developed. I think the

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

Table of contents

  • Title Page iii
  • Preface vii
  • Contents ix
  • Introductory Note 1
  • 1 - A New Predictive Theory 3
  • 2 - The Basic Truism 9
  • 3 - The Partition and Measure of Elements 13
  • 4 - The Law of k 33
  • Conclusion 43
  • 5 - The Law of the Price Level 45
  • 6 - On Predicting the Price Level 57
  • 7 - The Wedding Ceremony: Price Level and Aggregate Output 69
  • 8 - The Eclipse of the Equation of Exchange 75
  • Conclusions 83
  • 9 - A Miscast Federal Reserve 85
  • 10 - Wage Policy: A Way Out 89
  • 11 - Decomposing k 93
  • 12 - An Empirical Macroeconomic Theory of Income Distribution 105
  • 13 - A Final Price Level Generalization 109
  • 14 - The Price Level Over Time: The Final Synthesis for a Growing Economy 111
  • Conclusion 118
  • Concluding Note 119
  • Index 121
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