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Effective Supply and Effective Demand

I'm a textbook writer. I tell stories. I'm not ashamed of telling stories. All economists do. The difference between the stories textbook writers tell and the ones economic theorists tell is in how elaborately those stories are specified, and how intricately the details are tied together. The stories textbook writers tell are simple stories-the simpler the better. In textbooks, the details aren't intricately combined and may even be inconsistent as long as they are simple. But in a textbook the story line has to be a good one. You can't hide a missing reasonable story line by losing the reader in the details, as you can in a mathematically laden theoretical paper. I am also a Post Keynesian fellow traveler, known for taking semioutrageous positions, and I hate to disappoint. So let me begin this paper with an outrageous statement: "Post Keynesians should give up the term 'effective demand' and replace it with 'effective supply.''' The reason I believe Post Keynesians should do so has far less to do with history, logic, or economic theory than it does with marketing. The term "effective supply" could help Post Keynesians better market their ideas. Put bluntly, in today's environment you can't market the term "effective demand"-you can market the term "effective supply." Now if I believed telling the Post Keynesian story using effective supply rather than effective demand would make a big difference to the simple Post Keynesian story suitable for textbooks I would not be making this argument. But in my view it doesn't. At the aggregate level, once expectations are built in, supply and demand interact in a way that the two can seldom be distinguished empirically. All we observe is aggregate output and price level, and even these are synthetic concepts.)