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WAGE LEVEL IN UNDERDEVELOPED ECONOMIES
UNEMPLOYMENT AND FULI EMPLOYMENT
WAGES AND EFFECTIVE DEMAND
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accept According achieved additional adjustment advanced economies aggregate demand agricultural amount analysis assets assumed balance bargaining capital caused changes classical considered consume consumption continue cost cycle cyclical depends depression determination disguised unemployment economists effective demand efficiency employed equal equilibrium exists expansion factors fall favourable Figure flexible followed force full employment function further given important income increase industry inflation investment Keynes Keynesian labour lead less liquidity lower marginal productivity means ment monetary money wage rate nature output particular period Pigou Effect position possible preference present price level problem Prof profit propensity quantity raising rate of interest real value real wage rates reason relation remains result rise saving says schedule sector shift stability supply theory tion trade underdeveloped underdeveloped economies unemployed wage cut wage policy wage reductions wages and prices whole workers