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seems to be the sum of effective demand or effectual demand as defined by keynes and adam smith plus some unfulfillable wish list of additional demand i assume that as usual i am misunderstanding something you have said by the way effective demand for keynes is the demand that calls forth supply and similarly for adam smith according to karlsson there can never be deficient aggregate demand because we always have unfulfilled desires and thus always want more this is nonsense aggregate means added up or total aggregate demand is total demand but economists apart from karlsson evidently do not include in aggregate demand everything that anyone could possibly think they might want economists mean by it the total of actual demand accounted as actual purchasing not wishes and wants and daydreams by aggregate demand i mean the thing that maynard called effective demand and adam smith called effectual demand effective demand to keynes is the demand that has an effect this is not unfulfillable demand of any sort but actual purchases effectual demand for adam smith is not unfulfillable demand but the demand of those who are willing to pay the market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market and the demand of those who are willing to pay the natural price of the commodity or the whole value of the rent labour and profit which must be paid in order to bring it thither such people may be called the effectual demanders and their demand the effectual demand since it may be sufficient to effectuate the bringing of the commodity to market it is different from the absolute demand a very poor man may be said in some sense to have a demand for a coach and six he might like to have it but his demand is not an effectual demand as the commodity can never be brought to market in order to satisfy it karlsson confuses aggregate demand with absolute demand to karlsson aggregate demand means the sum total of everything that people may wish for his reply to my comment confirms this view arthurian i may have expressed myself in a way which will appear confusing what i meant was that deficient aggregate demand can t cause a recession the reason for this is that demand is determined by what we want and since we can t have all that we want especially during recessions depressions the underlying cause is that we lack the ability to supply something that the potential producers of what we want also wants and that the crisis therefore is based on the mismatch between the structure of demand and the structure of supply i said to karlsson i am trying to understand your definition of aggregate demand he responded by bringing recession into his explanation and underlying causes and mismatched structures but setting all that aside it turns out that karlsson provides the same definition he gave in the original post demand is determined by what we want and we can t have all that we want aggregate demand for karlsson is absolute demand it includes the poor man s coach and six and also my ferrari for karlsson demand is determined by wants not by purchases since wants are limitless in karlsson s view demand is limitless but this is not a definition of demand it is part of a definition of economic scarcity demand is measured by what we buy not by what we would like to have update 30 december 2010 at the billy blog billy defines effective demand as spending backed by cash posted by the arthurian at 4 00 am 1 comments thursday december 16 2010 policy in pictures after you do this to income and this to demand and allow this to happen to debt for thirty years and then the economy falls apart you don t then turn around and say well they had a grand party and now they must pay were you having a grand party i wasn t i was working and complaining about the price of gasoline which came first on the first graph a change occurs around 1978 after 1978 income starts to concentrate on the second graph a change occurs around 1981 after 1981 the trade imbalance grows significantly on the third graph you can see debt starting to accumulate as far back as 1960 on the fourth graph inflation was tapering off until the mid 60s debt accumulation came first inflation was the first result posted by the arthurian at 4 00 am 2 comments wednesday december 15 2010 nothing about intrinsic value adam smith the wealth of nations book 1 chapter 4 on the origin and use of money in all countries however men seem at last to have been determined by irresistible reasons to give the preference for this employment to metals above every other commodity metals can not only be kept with as little loss as any other commodity scarce anything being less perishable than they are but they can likewise without any loss be divided into any number of parts as by fusion those parts can easily be reunited again a quality which no other equally durable commodity possesses and which more than any other quality renders them fit to be the instruments of commerce and circulation numbers can not only be kept with as little loss as any commodity as they are not at all perishable but they can likewise without any loss be divided into any number of parts as by simple addition those parts can easily be reunited again a quality which no commodity possesses and which more than any other quality renders them fit to be the instruments of commerce and circulation the use of metals in this rude state was attended with two very considerable inconveniences first with the trouble of weighing and secondly with that of assaying them we should find it excessively troublesome if every time a poor man had occasion either to buy or sell a farthing s worth of goods he was obliged to weigh the farthing numbers have no such inconveniences posted by the arthurian at 4 00 am 3 comments tuesday december 14 2010 interest as factor cost adam smith the wealth of nations book 3 chapter 2 the farmer compared with the proprietor is as a merchant who trades with borrowed money compared with one who trades with his own the stock of both may improve but that of the one with only equal good conduct must always improve more slowly than that of the other on account of the large share of the profits which is consumed by the interest of the loan posted by the arthurian at 4 00 am 0 comments monday december 13 2010 isn t it obvious adam smith the wealth of nations book 3 chapter 2 the proprietors of land were anciently the legislators of every part of europe the laws relating to land therefore were all calculated for what they supposed the interest of the proprietor let wealthy men make law and the law serves wealthy men put lawyers in congress and they make laws no one can read posted by the arthurian at 4 00 am 0 comments sunday december 12 2010 no imagination i am always quick to admit i have no imagination when i read the title of paul krugman s recent post lawn guyland is america s future i thought he was referring to the rise of landscaping companies as the best new engine of economic growth we could hope for i had to say the words aloud lawn guyland to get pk s reference oh well anyway in that post krugman writes a new tea party backed county executive has taken office gone ahead and cut taxes and can t come up with offsetting spending cuts can t come up with offsetting spending cuts well yeah because excessive spending is not the problem see i say the same thing over and over no imagination at all posted by the arthurian at 4 00 am 0 comments saturday december 11 2010 thoughts on thoughts vic i have removed a word or three from your remarks because i think it makes your thought stronger didn t add because that would weaken it also i broke up your one paragraph into three because paragraphs help me think and i am changing your word rates to levels pause because i have to responding to my recent post bigvic writes so i turn back to the question that really deserves to be asked in this situation why why allow ourselves to go down this road of credit borrowing and credit spending why allow private debt to balloon to such astronomical levels why allow every program to be financed through government debt i think that we don t ask these questions because the answer will undermine the system and world that we built there is no way that most americans would have been able to keep up with this farce that there is such a thing as the middle class it is absolutely not possible without such credit policies in place if history has taught us anything it is that a strong middle class counters any revolutionary action from occurring in society it is paramount for the stability of the united states and the system that a middle class is in place you write good kid the middle sentence in the middle paragraph there is exactly right i think without the astronomical expansion of credit use there is no way that most americans would have been able to keep up with this farce that there is such a thing as the middle class but if you go back to the 1950s and 60s when the economy was good we had a strong middle class things fell apart then in the 70s and by the 1980s we had a new kind of economic policy reaganomics with that the middle class began to wither away reagan was admired like no other president in my lifetime except jfk reagan is held in high esteem still today and the policies he put in place are still cherished despite the result we can see all around us it is essential to remember that the changes of the past 30 years are the result of the well received policies of reaganomics for many people today there is a disconnect between those policies and the resulting conditions current trends of policy are empowered by that disconnect you write a strong middle class counters any revolutionary action from occurring in society yes and a dying middle class gives rise to tea parties i have to believe that reagan knew and every president has known what you say about a strong middle class i have to believe reagan tried to keep the middle class strong with his supply side economics and his policies i have to believe also that people can see those policies have failed i think the trouble is that people think there s no alternative to reaganomics other than pro debt keynesian policies but when the problem is excessive debt one pro debt policy is no different from another pro debt policy you ask why why allow ourselves to go down this road of credit borrowing and credit spending why allow private debt to balloon to such astronomical levels i think you overlook the power of economic policy vic we did not allow ourselves to go down that road we were driven down that road by policy there is a whole industry in this country dedicated to helping people get out of debt that industry would not exist if people were not willing to spend money trying to get out of debt one might question the logic of such an expense but the point is we all of us are doing our best to avoid going down the road of debt accumulation like the weight reduction industry the debt reduction industry has had limited success but the general trend of the nation is to get fatter if you get my drift people often say we spent too much we had a party for thirty years and now we must pay i say that s nonsense maybe some people spent too much most people were simply trying to slow the decline in their standard of living the problem is not profligate spending the problem is that we use credit for money it is difficult to avoid accumulating debt in a society that uses credit for money and obviously one cannot use credit to pay off debt even to try would be self defeating without the astronomical expansion of credit use as you put it there is no way that most american would have been able to keep up with this farce that there is such a thing as the middle class but it didn t have to be that way it only is that way because the federal reserve pulled money out of circulation to fight inflation while congress did everything it could think of to get us using more credit to keep the economy growing apparently they thought using money causes inflation but using credit doesn t silly boys posted by the arthurian at 9 58 am 7 comments re thinking policy the only way to fix the economy is to get rid of some debt a lot of debt actually but remember it is private sector debt that holds our economy down not public debt so it is private sector debt that must be reduced when at last we do that if ever we do the economy will grow like gangbusters again with 30 years of growth incentives in place there ll be no way to stop the growth but when we finally get the economy growing again we have to do things differently we have to fight inflation differently we can no longer expect the fed to restrict the quantity of money and curse them when they don t and curse them when they do we must demand from the fed a quantity of money adequate to support the existing level of economic activity this will be a much greater quantity than we had at least greater than we had before the quantitative easings we must demand from policy that it encourage credit use for growth but not for everything we must expect the fed to provide sufficient money to support the existing economy and congress must understand that credit is only for growth and we must invent a policy that uses accelerated repayment of debt to draw money out of circulation when we need to fight inflation which is always the point of these changes is to get monetary stumbling blocks out of the economy s way so the economy will perform as we know it can posted by the arthurian at 4 00 am 2 comments labels accelerated repayment of debt friday december 10 2010 ohm ohm ohm winterspeak of 25 september 2010 opens thus some u chicago professor made the impolitic observation that taxes on the rich don t actually fall on the rich at all they fall on professional college educated working couples he s been pilloried and taken down the post although i m sure it lives on nevertheless his central observation is quite correct a comment on the post by ohm opens thus no matter what income level you increase taxes from the act by itself will sacrifice some aggregate demand for goods and some for financial assets like stocks the key is in using the additional tax collected to generate moderate income jobs i like ohm s insight but his key won t unlock the door watch while i take his insight and go arthurian with it no matter what income level you increase taxes from the act by itself will sacrifice some aggregate demand for goods and some for financial assets like stocks if you take money away from people people have less money but people already don t have any excess money we ve been pinching pennies and clipping coupons for years meanwhile massive government debt and deficits show that government also has less money than it seems to need many people wouldn t agree that government has less money that it needs but those people can t a...
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