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Appears in Collections:Economics Working Papers
Peer Review Status: Unrefereed
Title: Cost-Determined and Demand-Determined Prices: Lessons for the Industrialised World from Development Economics
Authors: Ghosh, Dipak
Ruziev, Kobil
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Citation: Ghosh D & Ruziev K (2008) Cost-Determined and Demand-Determined Prices: Lessons for the Industrialised World from Development Economics. Stirling Economics Discussion Paper, 2008-22.
Keywords: wage goods
Commod Control
Bretton Woods
JEL Code(s): E12
Issue Date: Nov-2008
Series/Report no.: Stirling Economics Discussion Paper, 2008-22
Abstract: In labour surplus developing countries a strategy based on the application of the Keynesian multiplier to generate employment is constrained by the availability of resources. In some of Keynes’s writings in general and those on the post-War employment and commodity policy in particular it seems that Keynes himself became aware of the limitation of the savings investment multiplier in generating and maintaining full employment in industrialized economies. The paper argues that the time has now arrived for the economic policy makers to wake up to the limitations of expansionary fiscal and monetary policy alone to combat the current downturn in economic activities.
Type: Working or Discussion Paper
Affiliation: Economics
Aberystwyth University

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