that simple distinction tells a huge tale
ricardian systems are pure supply side systems
jevonian systems pure demand side
marshall put these two together
but failed to note the remaining distinction
demand or supply constrained in aggregate
the capitalist system in its several histortic institutional forms
requires chronic macro demand constraints to sustain itself
this fact was well recognized at the micro level in stiglitzian micro
but the macro constraint condition was left an inditinct implication
in his elementarty text book
stiglitz himself
asks the question is it supply or demand constraint in aggregate
as if the whole system is possibly in either
no where can i find him stating
the capitalist system requires chronic demand "rationing
despite his clarity on the two key aggregates
the system rations both total job hours and total outstanding credit
