Die Substitutionselastizität und die Keynessche Aggregierte Angebotsfunktion
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Die Substitutionselastizität und die Keynessche Aggregierte Angebotsfunktion
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 98 (1978), Iss. 3 : pp. 295–310
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Ambrosi, Gerhard Michael
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INTERTEMPORAL SUBSTITUTABILITY AND THE KEYNESIAN CONSUMPTION FUNCTION*
Ambrosi, G. M.
Bulletin of Economic Research, Vol. 31 (1979), Iss. 2 P.93
https://doi.org/10.1111/j.1467-8586.1979.tb00146.x [Citations: 0]
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Abstract
The concept of the elasticity of substitution is introduced in discussing Keynes’s aggregate supply function. It determines the curvature of that function when capital is fixed and the direction of the shift of the function when capital is varied. The employment theoretic implication is that even when capital and labour are substitutable, a cet. par. increase of capital might not decrease but increase employment. The Keynesian aggregate supply function could have a unitary slope only if capital and labour vary in a very specific way which is also determined by the elasticity of substitution.