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THE KEYNESIAN THEORY OF CONSUMPTION FUNCTION
The theory was developed during the Great Depression which plagued Europe and America. During this time, there was excess capacity and idle resources and no effective demand i.e. people were unemployed and had no purchasing power. The determination of aggregate demand, then, was of crucial significance in Keynes analysis.
Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
Lender of Last Resort The central bank also acts as the lender of last resort. Historically, this function developed out of the special position of the central banks. The centr
Management Decisions: An effective demand forecast assists the management to take suitable steps in factors which are relevant to decision making like plant capacity, raw-material
Special Drawing Rights (SDR) These are international reserve currencies created by the International Monetary Fund (IMF) to overcome the problems of using gold and national c
Real Rigidities The New Keynesian economists rely both on nominal and real rigidities to arrive at their conclusion that nominal changes in money supply have real, and not
Theory of Capital and Investment: Theory of Capital and Investment evinces the below significant issues: Selection of a viable investment project Efficient allocatio
Problems of prices and Incomes policy i. Confrontation The imposition of the prices and incomes policy, voluntary or statutory, risks the possibility of confrontation w
REGRESSIVE TAX A tax is said to be regressive when its burden falls more heavily on the poor than on the rich. No civilized government imposes a tax like this.
fundamental concepts of decision-making theory The fundamental concepts of decision-making theory have been culled from microeconomic theory and have been furnished with new t
Fandem Technology manufactures two products using a joint process. The cost of materials going into the joint process for a typical period is $55,000, while labour and overhead to
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