Post Keynesian Employment Analysis And The Macroeconomics Of Oecd Unemployment  

Oleh:

Davidson, Paul

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 108 no. 448 (May 1998), page 817-831.
Fulltext: 817.pdf (234.2KB)

Isi artikel

The Post Keynesian (hereafter PK) theory of employment is derived from Keynes' chapter 3 (1936a) `The Principle of Effective Demand' where labourhire demand is derived from an effective demand point determined in the product markets.1 Tobin (1992, p. 392) states this chapter is `the most important innovation of the General Theory'. The effective demand principle means that there is an `employment function' (Keynes, 1936a, ch. 20) relating alternate labour-hire decisions to alternate points of effective demand. There is no aggregate demand for labour schedule with the real wage as the independent variable (Davidson, 1983).

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