David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Critical Review 3 (3-4):444-466 (1989)
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
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O. Lange, F. McIntyre & T. O. Yntema (eds.) (1942). Studies in Mathematical Economics and Econometrics. University of Chicago Press.
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