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Money Wages, Employment and Effective Demand

In: Understanding Keynes’ General Theory

Author

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  • Brendan Sheehan

    (Leeds Metropolitan University)

Abstract

So far in this book the analysis has been conducted assuming the general level of money wages — and the wage unit — is given. Keynes however does allow money wages to change and this chapter will explain the implications of this for the General Theory model. In the process the chapter explodes the most erroneous myth perpetrated by mainstream Keynesians: that Keynes’ General Theory model assumes money wages are constant. Nothing is further from the truth. Indeed Keynes’ treatment of the impact that a cut in the general level of money wage has on total employment is a crucial part of his claim that his model is more generally applicable than the classical analysis.

Suggested Citation

  • Brendan Sheehan, 2009. "Money Wages, Employment and Effective Demand," Palgrave Macmillan Books, in: Understanding Keynes’ General Theory, chapter 9, pages 172-194, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23285-3_9
    DOI: 10.1057/9780230232853_9
    as

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