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Labor market in Keynes and the role of rigid nominal wages

Author

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  • Selene Peres Peres Nunes
  • Ricardo da Costa Nunes

Abstract

This paper discusses the statement that the Keynesian Theory would be “a particularcase of the Classical Theory with rigid wages”. It examines whether Keynesian analysisdepends on the rigidity hypothesis and to what extent the referred hypothesis has actuallybeen used in The General Theory. The Neoclassical Labor Market is criticized. The KeynesianTheory of Employment, the Pigou’s Reply and the Neoclassical Synthesis are also examined.The analysis of the method applied in the General Theory of Employment, Interestand Money – a static method of a dynamic process – leads to the conclusion that its ideasrepresented a complete revolution on the economic thought prevailing before its publication. JEL Classification: B22; B31; E12.

Suggested Citation

  • Selene Peres Peres Nunes & Ricardo da Costa Nunes, 1997. "Labor market in Keynes and the role of rigid nominal wages," Brazilian Journal of Political Economy, Center of Political Economy, vol. 17(3), pages 428-443.
    • Handle: RePEc:ekm:repojs:v:17:y:1997:i:3:p:428-443:id:1179
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1179/1164
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    More about this item

    Keywords

    Keynesianism; wage determination; wage rigidity; history of economic thought; equilibrium;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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