Blogging for the NYT is a little like writing/directing your own movie:
Via Mark Thoma, Anatole Kaletsky writes:
Smith, Ricardo and Keynes produced no mathematical models.
Now, I have
Marshall McLuhanJohn Maynard Keynes right here. Lets ask him:
Let Z be the aggregate supply price of the output from employing N men, the relationship between Z and N being written Z = φ(N), which can be called the aggregate supply function. Similarly, let D be the proceeds which entrepreneurs expect to receive from the employment of N men, the relationship between D and N being written D = f(N), which can be called the aggregate demand function...