J M Keynesss 1937 Refutation of the Claim That HickssHansen (and Others) Saved Keynesss General Theory by the Development of the IS-LM Model in His Professor Pigou on Money Wage Rates in Relation to Unemploymentt

2018 ◽  
Author(s):  
Michael Emmett Brady
Keyword(s):  
General Theory ◽  
Money Wage ◽  
Wage Rates

scholarly journals Retrospectives: Real and Money Wage Rates

1998 ◽  
Vol 12 (2) ◽  
pp. 223-234 ◽  
Author(s):  
John T Dunlop
Keyword(s):  
General Theory ◽  
Real Wage ◽  
Contemporary Literature ◽  
Real Wages ◽  
John Maynard Keynes ◽  
Common View ◽  
Money Wage ◽  
Macroeconomic Models ◽  
Wage Rates ◽  
Money Illusion

In the General Theory, John Maynard Keynes held money and real wage rates move in opposite directions. In expansion, prices increase faster because of increasing costs and a rise in the proportion of product going to profits. Neoclassical economists held similarly. Money illusion of workers supported their common view. The author's 1938 article rather showed a procyclical pattern, significant to macroeconomic models of the economy. Contemporary literature with new elements of compensation and new measures of wages supports a slightly procyclical relationship. Increased output and employment in expansion do not require lower real wages.

scholarly journals Is there a Phillips Curve in Pakistan?

1988 ◽  
Vol 27 (4II) ◽  
pp. 839-851
Author(s):  
M. Aynul Hasan
Keyword(s):  
Phillips Curve ◽  
Developed Countries ◽  
Structural Equations ◽  
Rate Of Change ◽  
Money Wage ◽  
Wage Rates ◽  
Inflation Rates ◽  
Influential Paper ◽  
The Relationship

Since the publication of A.W. Phillip's (1958) influential paper on the relationship between unemployment and the rate of change of the money wage rate, count• less studies have appeared to refine, reformulate and re-estimate structural equations explaining the rates of change in the wage rates and the price level or inflation rates. 1 The empirical findings of the Phillips curve relationships during the past two decades have been considered to be a contentious issue particularly in developed countries. 2 Despite the fact that the original hypothesis of the Phillips curve has been questioned and challenged,3 nevertheless, the importance of this subject has been preserved by its continued relevance for policy. Not only that, Friedman (1970, 1971) claimed that the Phillips curve plays the important role of the "missing equation" separating his own quantity theory of money from the Keynesian theory.

Real and Money Wage Rates: A Reply

1941 ◽  
Vol 55 (4) ◽  
pp. 683 ◽  
Author(s):  
John T. Dunlop
Keyword(s):  
Money Wage ◽  
Wage Rates

The Movement of Real and Money Wage Rates

1938 ◽  
Vol 48 (191) ◽  
pp. 413 ◽  
Author(s):  
John T. Dunlop
Keyword(s):  
Money Wage ◽  
Wage Rates
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