Normal Values and Average Values

Research output: Contribution to journalArticlepeer-review

13 Citations (Scopus)


This essay discusses the implications of the idea that the Keynesian premise implies deviations between the normal and the average degrees of utilization. A system of equations called the “average system” is proposed for the study of average values, as distinct from normal values, by way of a hypothetical steady- state growth path for each sector. A long-period implication of the short-period under-utilization of productive capacity is presented in terms of a two-sector model. Blackwell Publishers Ltd, 1997.

Original languageEnglish
Pages (from-to)188-199
Number of pages12
Issue number2
Publication statusPublished - 1997 Jun
Externally publishedYes

ASJC Scopus subject areas

  • Economics and Econometrics


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