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| Titel: |
Psychologist of the ills of capitalism |
| Auteur: |
Egger, John B. |
| Verschenen in: |
Critical review |
| Paginering: | Jaargang 3 (1989) nr. 3-4 pagina's 444-466 |
| Jaar: |
1989 |
| Inhoud: |
The General Theory defended Keynes's long-held belief that capitalism could not achieve full employment without government help. The effects of wage rigidity were well known; Keynes tried to show that even price flexibility—contrary to Say's Law—could not reduce unemployment. Keynes did so by hobbling his decisionmakers with “psychological laws,”; like the consumption function, that linked nominal prices together. These produced a rigidity of relative prices that justified government intervention. Keynes's followers seem to have rejected his psychological theories, emphasizing instead nominal rigidities or uncertainty, either of which is consistent with “classical”; thinking and Say's Law. |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 11 van 16 gevonden artikelen
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