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Unemployment and Full Employment
Pigovian Formulation of Says Law
Wages and Effective Demand
7 other sections not shown
A.C. Pigou According to Classicals According to Keynes advanced economies aggregate demand agricultural analysis backward economies bargaining capital formation classical theory consumption function cost cyclical demand for labour depression developed economies disguised unemployment economic development effective demand effects of wage factors of production fall in money fall in wages favourable flexible wage policy frictional unemployment full employment increase employment industry inflation investment involuntary unemployment Keynes Effect Keynesian labour force level of employment level of wages liquidity preference marginal productivity means ment monetary money assets money illusion money wage rate output Pigou Effect ployment price level Prof propensity to consume rate of interest real value real wage rate reduction in money result rise Say's Law sector socialist economy stability supply of labour theory of employment theory of wages tion underdeveloped countries underdeveloped economies underemployment equilibrium unemployed value of money wage changes wage increases wage level wage reductions wages and prices