Graduate studies at Western
Critical Review 3 (3-4):444-466 (1989)
|Abstract||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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