SelfAdjustment or Instability McGrawHill Higher Education自调整或不稳定麦格劳山高等教育.pptVIP

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SelfAdjustment or Instability McGrawHill Higher Education自调整或不稳定麦格劳山高等教育.ppt

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SelfAdjustment or Instability McGrawHill Higher Education自调整或不稳定麦格劳山高等教育

Again, here is the microeconomic mind-set. * Keynes countered by saying that some firms will go out of business and others will cut back production. They would sell off existing overstocked inventory before making more. Only big businesses could do this. By the 1930s corporations had grown sufficiently large to act this way. * Keynes concluded that waiting for business to pick up production, for firms to increase investment, and for consumers to increase spending in this gloomy outlook was not going to work in any time frame that society could stand. * Note the cascading effect: Layoffs mean smaller incomes. So sales fall, production must also fall, and more layoffs occurs, further reducing incomes. Then another round occurs. * Here we use investment decline as the trigger. Go step by step down the list. When you get to step 6, recycle to step 2 and do it again … and again … * Every cycle multiplies the problem. This is the multiplier process. * The term 1 – MPC appears in the denominator. Recall that 1 – MPC = MPS. If MPC increases in size, MPS decreases in size and the multiplier gets smaller and vice versa. If MPS increases in size, MPC decreases in size and the multiplier gets bigger and vice versa. * Here we show how a recession begins and deepens. * The economy has declined as AD shifted from AD0 to AD2. * If the AS curve were horizontal, we would need to go only to point f. But some of the energy of the stimulus will go toward inflation, so we end up at point h. * The economy has shifted from AD0 to AD6. * This step-by-step process can be used just as the one for going into recession. * This summarizes the position of Keynes and the Keynesians. * Chapter 10: Self-Adjustment or Instability? McGraw-Hill/Irwin Copyright ? 2013 by The McGraw-Hill Companies, Inc. All rights reserved. 13e 10-* The Debate John Maynard Keynes challenged the classical assertion that the economy would self-adjust to full employment. Keynes said that there would be no automat