Aggregate Demand, Employment and Aquilibrium with Marginal Productivity: Keynesian Adjustment in the Craft Economy

Keynes-sonrası iktisat akımında yer alanların çoğu, marjinal emek verimliliğinin emek talebini belirlediği savına kuşku ile yaklaşmışlardır. Bu yazarlardan hiçbiri emek arz ve talebinin istihdamı ve reel ücretleri belirlediği görüşünü benimsememiştir. Hepsinin üzerinde mutabık olduğu husus, Keynes'in analizini reel değişkenler üzerine değil, parasal değişkenler üzerine kurduğudur. İşgücü piyasası nominal ücretlerle işliyorsa, şu sorular ortaya çıkacaktır: Reel ücret, marjinal emek verimi ile nasıl uyumlaşmaktadır? Eğer reel ücret, işgücü piyasasında uyumlaşıyorsa, tam istihdam niye sağlanamamaktadır? "Denge"de işsizlik varsa, işsizlik niye yüksek oranlı ve kalıcıdır? Keynes ilgisini toplam talepteki dalgalanmalar üzerine yöneltmiş ve Marshallgil bir ekonominin bu dalgalanmalara nasıl tepki göstereceğini sorgulamıştı. Keynes'in çıkarsamaları, 'çoğaltan'ın azalan verimler altında kâr azamileştirmesine dayanan esnek fiyatlandırma ile tutarlı olduğu biçiminde yorumlanabilir; böylece reel ücret emeğin marjinal verimi ile eşitlenmektedir. Ancak ekonomi yığınsal üretim aşamasına yöneldikçe bu analizin altında yatan Marshallgil perspektifin değiştirilmesi gerekmektedir. Bu makalede ilkin işgücü piyasaları genel kabul gören varsayımlar altında formüle edilmekte, sonra Marshallgil teknoloji ve fiyat mekanizması kabulleri altında ekonominin toplam talepteki değişikliklere nasıl uyum sağlayacağı gösterilmektedir. Daha sonra zenaat teknolojisinden yığınsal üretime geçişin sonuçları üzerinde durulmakta ve son olarak da tam gelişmiş yığınsal üretim koşulları altında Keynesgil sorular incelenmektedir.

Toplam Talep, İstihdam ve Marjinal Verimlilikte Denge: Zenaat Ekonomisinde Keynesgil Uyum

Most Post-Keynesians have approached the idea that marginal productivity accounted for the demand for labor with scepticism. None of them have thought that supply and demand for labor determined employment and real wages. All agree that Keynes' approach recast the argument in money rather than real terms. But if the market operates with money wages, how exactly does the real wage adjust to the marginal product? If the real wage adjusts in the labor market, why is full employment not established? When there is unemployment in "equilibrium", why is it so deep and persistent? The argument will be that Keynes was thinking in terms of fluctuations in aggregate demand, and asking how a Marshallian economy would respond. Keynes can be interpreted as demonstrating that a multiplier is consistent with flexible prices based on profit-maximizing under diminishing returns - so that the real wage equals the marginal product of labor. However, the Marshallian perspective has to be amended, as the economy moved towards Mass Production. In this paper, we will first examine the accepted account of the labor market, then go on to Marshallian technology and the price mechanism, showing how the economy would adjust to changes in aggregate demand. Then we will consider the consequences of a movement from a craft technology to Mass Production, and finally we will look at the Keynesian questions in fully developed Mass Production.

PDF

___

ANDREWS, P. W. S. (1949), Manufacturing Business, London: Macmillan. ————(1964), On Competition in Economic Theory, London: Macmillan. ASIMAKOPULOS, T. (1992), “The Determinants of Profits: United States, 1950-1988”, in Papadimitriou, D. (ed.) Profits, Deficits and Instability, London, Macmillan. BLANCHARD, O and FISHER, D. (1989), Lectures on Macroeconomics, Cambridge, Mass: MIT Press
CHICK, V. (1983), Macroeconomics after Keynes, Oxford: Philip Allan. DAVIDSON, P. (1994), Post-Keynesian Macroeconomic Theory, Cheltenham: Edward Elgar.
DEATON, A. (1992), Understanding Consumption, Oxford: Clarendon Press. DUNLOP, J. T. (1938), “The Movement of Real and Money Wage Rates”, Economic Journal, 48 (191), 413-34.
HALL, R. and HITCH, C. (1938), “Price Theory and Business Behavior”, in P.W.S. Andrews (ed.), Oxford Studies in the Price Mechanism, Oxford: Oxford University Press.
HAYEK, F. (1932), Monetary Theory and the Trade Cycle (trans. by N. Kaldor and H. Croome), New York: Harcourt Brace. ————(1941), The Pure Theory of Capital, Chicago: The University of Chicago Press.
HICKS, J. R. (1963), A Theory of Wages, 2nd ed, London: Macmillan. ————(1977), Economic Perspectives: Further Essays on Money and Growth, Oxford: Clarendon Press.————(1989), A Market Theory of Money, Oxford: Oxford University Press.
HUNTER, L. C. (1979), A History of Industrial Power in the US, Vol. 1, Charlottesville: University of Virginia Press. ————(1985), A History of Industrial Power in the US, Vol. 2, Charlottesville: University of Virginia Press.
KEYNES, J. M. (1930), A Treatise on Money, London: Macmillan ————(1936), The General Theory of Employment, Interest and Money, London: Macmillan. ————(1940), How to Pay for the War: A Radical Plan for the Chanceller of the Exchequer (1st edition), London: Macmillan. ————(1972-9), The Collected Writings of John Maynard Keynes (edited by D. Moggridge), London: Macmillan for the Royal Economic Society.
KLEIN, L. R. (1961), The Keynesian Revolution, London: Macmillan and Co.
KURZ, H. and SALVADORI, N. (1995), Theory of Production, Cambridge: Cambridge University Press.
LAIBMAN, D. and NELL, E.J. (1977), “Reswitching, Wicksell Effects and Neoclassical Production Function”, American Economic Review, 63: 100-13.
LAVOIE, M. (1994), Foundations of Post-Keynesian Economic Analysis, Cheltenham: Edward Elgar.
MALTHUS, T. R. (1823), The Measure of Value Stated and Illustrated, with an Application of it to the Alterations in the Value of English Currency Since 1970, London: John Murray.
MODIGLIANI, F. (1944), “Liquidity Preference and the Theory of Interest and Money”, Econometrica, XII (Jan.), 45-88.
NELL, E. J. (1988), Prosperity and Public Spending, London: Unwin Hyman. ————(1992), Transformational Growth and Effective Demand, New York: New York University Press. ————(1998), The General Theory of Tranformational Growth, Cambridge: Cambridge University Press. ————(1998) (ed.), Transformational Growth and the Business Cycle, London and New York: Routledge.
NELL, E. J. and DELEPLACE, G. (1992) (eds.), Money in Motion: The Post-Keynesian and Circulation Approaches, London: MacMillan.
RICARDO, D. (1811), The High Price of Bullion, A Proof of the Depreciation of Bank Notes (enlarged edition), London: John Murray.
RIMA, I. H. (2003), “From Profit margins to Income Distribution: Joan Robinson’s Odyssey from Marginal Productivity Theory”, Review of Political Economy, 15 (4), 575-86.
ROBERTSON, D. (1931), “Wage-Grumbles”, in Economic Fragments, 42-57, London: P. H. King.
ROBINSON, J. (1956), The Accumulation of Capital, London: Macmillan.
RYMES, T. K. (1989) (ed.), Keynes’s Lectures, 1932-35: Notes of a Representative Student, Ann Arbor: University of Michigan Press.
TARSHIS, L. (1939), “Changes in Real and Money Wages”, Economic Journal, 49 (193), 150-4.
THORNTON, H. (1802), An Enquiry Into the Nature and Effects of the Paper Credit of Great Britain (ed. with introduction by F. A. Hayek), London: George Allen and Unwin, 1939.