By Ben Fine
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M is supposed to be the supply of money, assumed fixed, and kpY is the demand for money (how much is needed to undertake transactions, with more in demand the slower money circulates, the higher the price level, and the more the amount of output to be circulated). As Y is given by the real economy, it follows that p is determined as M/kY. Note, though, as already indicated, that p and y are only MACROECONOMICS 34 being used as aggregates for convenience here. For the simple model, labour inputs and goods as outputs could be designated as separate from one another with different velocities of circulation.
This begins to open up a much more comPlex understanding of the relationships between the short and long runs and how they cannot be taken as independent ofone another. But it is not in general an opportunity taken up by mainstream macroeconomics. l Overview It is a conventional wisdom that Keynes was keen to avoid addressing issues of microeconomics in putting forward what was to become Keynesian economics in orderjudiciously to set aside unnecessarily controversial issues in pursuit of persuading his fellow economists.
So, within the Keynesian multiplier, increased saving is a loss of effective demand (and potentially output and employment) unless it is translated into investment (to provide for future consumption), something that cannot be assumed to occur automatically. Indeed, in what is termed the paradox of thrift, the more we save the less we might invest. This is because increased saving reduces demand and discourages producers from making investments and potentially puts the economy into a downward spiral of recession.