Chapter 11
The 11th chapter is about aggregate supply and demand curves. Macroeconmics is described as a "bird's eye view" of the economy. The book then talks about stability or lack thereof and then discusses the self-adjustments, flexible prices and flexible wages of the classical theory. The book then talks about Say's Law, which is that "supply creates its own demand." The advent of Keynesian economics in the 1930's is then discussed, as this was clearly in response to the economic travails of the late 1920's and 1930's (and even the early 1940s') Keynes, unlike classical economists, said that there was no self-adjustment and that government could and should make investments to kick-start the economy.
The book then talks about aggregate supply and demand and how they interact with each other and how the feed off one another. Where those two curves intersect will determine the equilibrium price and there are consequences if the price is too high or too low relative to that interaction because things like shortages and inventory gluts can occur. An equilibrium is when what is demanded matches what is supplied. If prices are too high, then supply will go unsold. Too low and the inventory will run out before the demand is satiated.
The stated problems of equilibrium are undesirability and instability. Other problems...
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