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The Keynesian approach Why a general equilibrium
The general framework Consumers Rationing
favour inflation and Keynesian unemployment
3 other sections not shown
adjustments aggregate aggregate demand assets assumed assumption autonomous demand capital accumulation changes classical unemployment commodity h consider consumers consumption curve decreasing function demand for labour demand g demand or supply determined discussion Disequilibrium dynamic econometric economic policy economists employed individuals equal equation equipment excess demand excess supply exogenous variables Figure formulas given Hence impact implies income policies increase inequality involuntary unemployment J. R. Hicks Keynes Keynesian unemployment labour income labour input labour market labour supply lecture macroeconomic market for h ment Microeconomic multiplier theory policy measures positive precise prevails price-wage constellation prices and wages profits prototype model purchase quantity real wage rate reduce repressed inflation result role seller shift short-run equilibrium short-term equilibrium simultaneously situation specific sumers supply and demand supply of labour tion trade types of equilibria types of labour unem unemployed unemployment rate unit labour requirements utility function whereas