ABSTRACT
If a macro-system as a whole has coherence, perhaps it would be useful to study directly the reasons that determine its coherence. This probably is the course underlined by Keynes when he stressed his intention of studying ‘the system as a whole’. If a macroeconomic logic partially independent of that which determines individual behaviour exists – and underemployment equilibrium is surely an equilibrium relative to the system and not to the individuals composing it – perhaps that logic deserves to be analysed in itself. . . . My conviction is that macroeconomics has its own dimension which must be considered and not just alluded to.
