Social Sciences
8 years ago

Keynes' reinterpretation of wage unit challenges classical theory of employment.

A re-appraisal of Keynes' general theory of employment : his choice of the wage unit as a magnitude of real value and its relation to real wage as the sole determinant of employment in his interpretation of the classical theory
David. Kehl

Paper Summary

Keynes re-evaluated Pigou's theory of employment and adapted it to make it more realistic. He used the term "wage" differently from Pigou, which led to confusion and questioned the legitimacy of economics as a quantitative science.

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