Technological Change and the Equilibrium Level of the National Income

Abstract

I. The problem: effects of a change in one of the Keynesian “given data,” 441. — Basic concepts: the national income in wage-units, 442; the aggregate demand function, 443; the aggregate supply function, 446; the price structure, 446. — Conditions of equilibrium, 446. — II. The meaning of technological progress, 449. — III. Effects of technological change upon the volume of the national income, 453. — Significance of the findings, 455. — IV. Employment and welfare, 455.