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The logic of Keynes' criticism of the Classical model

  • Michel Rosier
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    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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    File URL: http://www.tandfonline.com/doi/abs/10.1080/0967256021000024682
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    Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

    Volume (Year): 9 (2002)
    Issue (Month): 4 ()
    Pages: 608-643

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    Handle: RePEc:taf:eujhet:v:9:y:2002:i:4:p:608-643
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    1. 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.
    2. 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.
    3. Peter Howitt, 1986. "The Keynesian Recovery," Canadian Journal of Economics, Canadian Economics Association, vol. 19(4), pages 626-41, November.
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