Economists who revolutionized macroeconomics

Why you have forged Henry Fords, Ray Croch, Bill GAtes.
They also man who changes the worlds of economicst thinker.

Kuznets and Leontief, for heaven’s sake.

Yes.Keynes revolutionized macro and microeconomic theory in chapters 19(appendix to chapter 19),20,and 21 of his General Theory way back in 1936.Unfortunately,the only two mathematically literate macroeconomists at that time were A C Pigou and J M Keynes.Pigou presented what he thought was a general macroeconomic theory ,using rigorous mathematical exposition ,in Part II of his 1933 book, The Theory of Unemployment.The mathematical and theoretical core is contained in Part II,chapters 8-10,pp.86-102.All of Pigou’s conclusions are presented in the form of elasticities.Pigou’s major result is the same result accepted by all classical and neoclassical schools today[monetarist(excluding Brunner and Meltzer),rational expectationist,real business cycle,supplyside,Austrian].Full employment of all resources,including the necessary slack unemployment called frictional and voluntary,occurs if the following labor market equilibrium condition holds:w/p=mpl,where w is the money wage,p is the price level,w/p is the real wage,and mpl is the macroscopic marginal productivity of labor derived from an aggregated neoclassical production function.Given the assumptions made by Pigou,this condition means that the economy is operating at some point on the boundary of the static production possibilities frontier under resource scarcity.On pages 261-262 of the GT,Keynes twice specified the equation that was missing from Pigou’s model-the mpc had to equal 1.If the capital stock was not at an optimal level,then the mpc+mpi had to equal 1.The mpc is the marginal propensity to spend on consumption goods and the mpi is the marginal propensity to spend on investment goods.Given the marginal propensity to save,mps,the neoclassical loanable funds theory can be expressed as mpc+mpi=mpc+mps=1.In chapters 20 and 21,Keynes derives his generalized results and presents them in the form of elasticities.The reason for this is obvious.Keynes wants to allow the technically trained reader of Pigou’s book the opportunity to compare both of their results.One need only simplify the elasticity results.Unfortunately,no economist was able to do this.In chapter 20,the analysis of the commodity and labor markets is presented on pp.282-286(top).In chapter 21,the analysis is again presented ,with the money market added,on p.306.The bond market result automatically follows .Note that Keynes does not reject the quantity theory of money,but presents a generalized version of it. Keynes’s general theory is given by the following generalized optimality condition-w/p=mpl/(mpc+mpi).A set of potential,stable multiple equilibria exists,only one of which is a full employment equilibrium.If the mpc+mpi<1,one of a number of involuntary unemployment equilibria will occur.It is impossible for labor,AS A WHOLE,to reduce or eliminate this type of unemployment by cutting their money wages since this would involve a violation of the necessary first and sufficient(decreasing returns) second order conditions for maximizing expected economic profit derived from a standard optimization problem under the assumption of purely competitive firms-industries.The reason Keynes gives for mpc+mpi usually being less than one is that employer-employee decision making, at both the micro and macro levels,is being undertaken under conditions of uncertainty(which is the same as D.Ellsberg’s ambiguity)and/or ignorance,as opposed to risk or certainty equivalence.If mpc+mpi<1,the economy is operating at some point in the interior of the static production possibilities curve.The standard neoclassical microeconomic results,as presented by Pigou,can only be attained if this uncertainty(ambiguity)and ignorance can be mitigated,reduced,or eliminated.Note that Keynes’s technical definition of Say’s Law is that mpc+mpi=1.Keynes’s brief,introductory comments in chapters 2 and 3,which were only meant to serve as a beginners guide to the GT,which include his literary description of Say’s Law as”Supply creates its own Demand”,has unfortunately been overemphasized by history of thought economists who lack the necessary training in the differential and integral calculus which is a necessary prerequisite for understanding both Pigou’s The Theory of Unemployment and Keynes’s The General Theory .Again,Keynes generalized Say’s Law.He recognized it as a special case.

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