A re-appraisal of Keynes' general theory of employment : his choice of the wage unit as a magnitude of real value and its relation to real wage as the sole determinant of employment in his interpretation of the classical theory

Kehl, David. (1986). A re-appraisal of Keynes' general theory of employment : his choice of the wage unit as a magnitude of real value and its relation to real wage as the sole determinant of employment in his interpretation of the classical theory Honours Thesis, School of Economics, University of Queensland.

       
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Author Kehl, David.
Thesis Title A re-appraisal of Keynes' general theory of employment : his choice of the wage unit as a magnitude of real value and its relation to real wage as the sole determinant of employment in his interpretation of the classical theory
School, Centre or Institute School of Economics
Institution University of Queensland
Publication date 1986
Thesis type Honours Thesis
Total pages 117
Language eng
Subjects 14 Economics
Formatted abstract The classical theory of employment, as represented by A.C. Pigou was the foundation on which Keynes chose to adapt economics back to reality. The term "real wage" as used by Pigou, it appears is used by Keynes in his refutation of Pigou's theory of unemployment and subsequent adaption of classical theory so it can be included as the upper limit of equilibrium in a more general theory. Keynes' use of the terra "real", as in "real wage" is in the colloquial sense, whereas Pigou's use of "real" is in the mathematical or scientific usage. Investigation of these apparently different uses of the one term illustrates Keynes lack of comprehension of the theory he attacked, and not only showed his apparent confusion of the colloquial with the technical usage, but questioned, inadvertent the legitimacy of a quantitative science of economics.

 
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