 Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods relatively to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would...  Committee Prints - Page 27by United States. Congress. Joint Economic Committee - 1961Full view - About this book
 | Helmut Frisch - Business & Economics - 1983 - 276 pages
...bargaining, adjustment lags, or psychological causes. to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the...be greater than the existing volume of employment" (1936, p. 15). As the voluminous literature concerning this passage shows, the proper exegesis of this... | |
 | George R. Feiwel - Business & Economics - 1985 - 512 pages
...small rise in the price of wage-goods relatively to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the...be greater than the existing volume of employment' (1936, ch. 2/iv). Note that Keynes asked for a double test for unemployment being truly of involuntary... | |
 | Ms.Anne Romanis Braun - Business & Economics - 1986 - 404 pages
...small rise in the price of wagegoods relatively to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the...be greater than the existing volume of employment." Keynes (1936, p. 15). 66Keynes (1936, p. 269). See further discussion of this point on pp. 152-53,... | |
 | James Tobin - Business & Economics - 1987 - 550 pages
...relatively to the money wage, both the aggregate supply of labor willing to work for the current money wage and the aggregate demand for it at that wage would...be greater than the existing volume of employment." General Theory, p. 15.) It could be interpreted to mean merely that the supply schedule for labor with... | |
 | Thomas D. Willett - Business & Economics - 1988 - 554 pages
...relative to the money wage, both the aggregate supply of labor willing to work for the current money wage and the aggregate demand for it at that wage would be greater than the existing volume of employment."10 Elsewhere I expressed the opinion that this definition is unnecessarily complicated;... | |
 | John Maynard Keynes - Biography & Autobiography - 1989 - 220 pages
...to money wage rates, both the aggregate supply of labour willing to work for the current money wage and the aggregate demand for it at that wage would be greater than existing volume of employment.'4 This definition of involuntary unemployment is inconsistent with the... | |
 | John Cunningham Wood - Biography & Autobiography - 1994 - 558 pages
...small rise in the price of wage-goods relatively to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the...be greater than the existing volume of employment. Immediately after this passage he remarks: An alternative definition, which amounts, however, to the... | |
 | Mark Blaug - Business & Economics - 1997 - 756 pages
...small rise in the price of wage-goods relative to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the...be greater than the existing volume of employment.' So with a standard diagram of the labour market, graphing the real wage against the volume of employment,... | |
 | Geoffrey Colin Harcourt, P. A. Riach - Keynesian economics - 1997 - 838 pages
...small rise in the price of wagegoods relatively to the money wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would he greater than the existing volume of employment. Using this first definition, Keynes's notion of... | |
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