The fundamental difference between the General Theory of Employment put forward by Mr. Keynes and that put forward by the classical economists, typified by Professor Pigou, is that whereas the latter assume that the wage bargains between the entrepreneurs and the workers determine the real wage, the former argues that these bargains succeed only in determining the money wage.
CITATION STYLE
Champernowne, D. G. (2015). Unemployment, basic and monetary: The classical analysis and the Keynesian [1936]. In Keynes’ General Theory: Reports of Three Decades (pp. 153–173). Palgrave Macmillan. https://doi.org/10.1007/978-1-349-81807-5_8
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