Economics, Econometrics and Finance
8 years ago

New Keynesian Economics challenges traditional views on wage behavior and unemployment.

European Journal of the History of Economic Thought
Wage behaviour and unemployment in Keynes' and New Keynesians' views: A comparison
Nicola Meccheri

Paper Summary

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The article compares Keynes' ideas with those of New Keynesian Economics on wages and unemployment. It looks at how both explain wage behavior and the role of flexible wages in ensuring full employment. While both agree that involuntary unemployment is a big issue, New Keynesians have different theories on wages and unemployment compared to Keynes.