Re: Argentina and currency boards

["eperez" <eperez@xxxxxxxxx>]

Bill,

(i) I was asking the question of the distinction between effective
and aggregate demand, because it seemed to me that, in your earlier
post, you were arguing along Keynes´Treatise lines. I may be wrong,
but the argument reminded me of Keynes´ Harris Lecture.

(ii) In your last post, you seem to make the validity or refutal of
Say´s law dependent on taking into account time. And introducing time
means lagging (t-1, t-2..) variables.  Dated variables=Dynamics.

(iii) Besides the fact, that there can be several concepts of
time(historical, logical...), and dynamics, isn´t plausible that as
in the GT, the holding a non-reproducible asset that has
certain definite characteristics, is an important component of any
attempt to refute Say´s law?.After all money and time are
´intimately´ related

(iv) If the lag between costs and demand is the problem, shouldn´t
economic policy be oriented to shorten the lag, i.e., to improve
coordination and the information flow among agents?. Is unemployment
a microeconomic problem?.




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Esteban Pérez, UNITED NATIONS, ECLAC México
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