The Struggle Over the Real Wage In the Monetary Production Economy
AbstractKeynes contents in General Theory that the monetary market logic of the aggregate real wage in the monetary production economy conveys: (i) the determination of the average real wage rate, the level of employment, and the possibility of involuntary unemployment through the interaction of the monetary markets and the goods markets; and (ii) the determination of the money wage rate through the bargains of the firms and the workers as a market-theoretical stability condition of the economic system. Accordingly, (iii) the money wage claims of labour (in conformity with changes of the average labour productivity) do not alter the distribution of income between capital and labour; and (iv) the struggle about the money wages by different groups of workers is actually a zerosum game over the distribution of the aggregate real wage between the different fractions of the working class. The paper discusses Keynes’s contention in the context of the monetary-keynesian theory of the endogenous-money monetary production economy.
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Bibliographic InfoPaper provided by UNIVERSIDAD DE LOS ANDES-CEDE in its series DOCUMENTOS CEDE with number 005271.
Date of creation: 08 Jan 2009
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-09-11 (All new papers)
- NEP-CBA-2009-09-11 (Central Banking)
- NEP-HPE-2009-09-11 (History & Philosophy of Economics)
- NEP-LAB-2009-09-11 (Labour Economics)
- NEP-MAC-2009-09-11 (Macroeconomics)
- NEP-MON-2009-09-11 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Frank Hahn & Robert Solow, 1997. "A Critical Essay on Modern Macroeconomic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026258154x.
- Hernando Matallana, 2008. "A Short Guide to Long-Run Time-Phased Systems of Production," DOCUMENTOS CEDE 005101, UNIVERSIDAD DE LOS ANDES-CEDE.
- Hernando Matallana, 2010.
"Mercantilismo, acumulación de capital y Desarrollo económico en la economía monetaria de producción (nacional),"
006714, UNIVERSIDAD DE LOS ANDES-CEDE.
- Hernando Matallana, 2011. "Mercantilismo, acumulación de capital y desarrollo económico en la economía monetaria de producción (nacional)," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID.
- Matallana Hernando, 2011. "Mercantilismo, acumulación de capital y desarrollo económico en la economía monetaria de producción (nacional)," Post-Print hal-00714543, HAL.
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