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Article: The Keynesian gospel according to Modigliani.(Keynes's contribution to the understanding and cure of mass unemployment)
- Article from:
- American Economist
- Article date:
- March 22, 2003
- Author:
CopyrightCOPYRIGHT 2003 Omicron Delta Epsilon. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Introduction
My purpose in this essay is to try to explain Keynes's path-breaking contribution to the understanding and cure of mass unemployment, the most serious shortcoming of a market economy. My ambition is to do so in a way that is understandable to a reader with little economics background, provided he is prepared to do a little hard work. I hope to achieve this result by using a novel approach that stresses the communality between pre-Keynesian models--"the classics"--and that of Keynes. They basically share the formulation of the demand and supply of money; the only real difference is in modeling the labor market-the response of nominal wages to ...
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