The logic of Keynes' criticism of the Classical model
The Classics' remedy for unemployment was to lower money wages. Keynes opposes this remedy. Therefore, in The General Theory, he aims at building a model in which a fall in money wages may not cause an increase in employment. Most of the interpretations of Keynes identified this aim, but did not attach enough importance to it. Reading The General Theory in the light of this aim, we discover what Keynes' logic of elaboration is, then what Keynes' ideas about voluntary or involuntary unemployment are.
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Volume (Year): 9 (2002)
Issue (Month): 4 ()
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- Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
- Peter Howitt, 1986. "The Keynesian Recovery," Canadian Journal of Economics, Canadian Economics Association, vol. 19(4), pages 626-641, November.
- E. Glustoff, 1968. "On the Existence of a Keynesian Equilibrium," Review of Economic Studies, Oxford University Press, vol. 35(3), pages 327-334.
- A. C. Pigou, 1917. "The Value of Money," The Quarterly Journal of Economics, Oxford University Press, vol. 32(1), pages 38-65.
- De Vroey, Michel, 1999. "Equilibrium and Disequilibrium in Economic Theory: A Confrontation of the Classical, Marshallian and Walras-Hicksian Conceptions," Economics and Philosophy, Cambridge University Press, vol. 15(02), pages 161-185, October.
- Paul Davidson, 1984. "Reviving Keynes's Revolution," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(4), pages 561-575, July.
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