Sánchez, Ormazabal; Mirena, Kepa - Departamento de Economía Aplicada III (Econometría y … - 2003
I contend that Keynes provides two contradictory definitions of aggregate income. According to the first definition, which is the dominant in Keynes as well as the standard in current Macroeconomics, the full value of output becomes income in the aggregate. This view can be traced back, at...