Macroeconomics from a Pre-Keynesian Perspective

by Mario Rizzo  

The principal component-idea of macroeconomics – aggregate demand and aggregate supply – trades on the analogy with the Marshallian individual market demand and supply analysis. For many students this makes the idea of macro-aggregation seem quite uncontroversial, almost “natural.”  

My “complaint” will not be about aggregation in general. We are always aggregating and disaggregating when the occasion warrants it. My problem is with a particular form of aggregation. Is it useful? Has it led us to an analysis of the right questions? Does it obscure important interrelations?   Continue reading