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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"

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  • Brian S. Ferguson

    () (Department of Economics and Finance, University of Guelph)

Abstract

In 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.

Suggested Citation

  • Brian S. Ferguson, 2013. "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&qu," Working Papers 1309, University of Guelph, Department of Economics and Finance.
  • Handle: RePEc:gue:guelph:2013-09
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    File URL: http://www.uoguelph.ca/economics/repec/workingpapers/2013/2013-09.pdf
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    Keywords

    Keynes; General Theory; Keynesian Economics; Classical Economics; Wage Units; Labour Units; Short Run Expectations; Long Run Expectations; Economic Dynamics;

    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)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • 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-

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