Lectures on John Maynard Keynes’ General Theory of Employment, Interest and Money (4): Chapter 4, "The Choice of Units"; Chapter 5, "Expectations as Determining Output and Employment"
AbstractIn Chapter 4 of the General Theory, Keynes discusses the units of measurement he will be using in the remainder of the book, in particular his reason for measuring in nominal rather than real terms, objection to aggregate measures of real output and physical capital stock, and his concept of wage units, which is a source of difficulty in following bits of the later exposition. Chapter 5 introduces expectations and discusses the role of short run expectations in determining the behavior of firms and of economic aggregates.
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Bibliographic InfoPaper provided by University of Guelph, Department of Economics and Finance in its series Working Papers with number 1309.
Length: 26 pages
Date of creation: 2013
Date of revision:
Keynes; General Theory; Keynesian Economics; Classical Economics; Wage Units; Labour Units; Short Run Expectations; Long Run Expectations; Economic Dynamics;
Find related papers by JEL classification:
- B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
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- N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
- N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-12-29 (All new papers)
- NEP-HPE-2013-12-29 (History & Philosophy of Economics)
- NEP-MAC-2013-12-29 (Macroeconomics)
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