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- W3043103312 abstract "This article analyzes the way in which Keynes and the Keynesians asked the question of the choice of unit of measure of macroeconomic aggregates. Underlining the narrow relationships which exist between Keynes’s lectures of 1933 to 1935, and the diverse versions of the model IS-LM, it shows that the problems arise from the way Keynes approached this problem. To argue about the monetary value of the aggregates leads to the dichotomizing of the model, and does not allow us to analyze correctly the interdependence of the labor market on one hand, and the goods markets and the money market on the other. The model, so formulated, does not allow for the rigorous treatment of the effects of a variation of the monetary wage. It leads to the erroneous belief that there necessarily exists a full employment equilibrium if the monetary salary tax is flexible." @default.
- W3043103312 created "2020-07-23" @default.
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- W3043103312 date "2014-01-01" @default.
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- W3043103312 title "The Formulation of the Keynesian Model and Unit Measure Choice" @default.
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