Relative Wages, Rationality, and Involuntary Unemployment in Keynes's Labor Market
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The reputation of John Maynard Keynes’s General Theory of Employment, Interest, and Money as a badly written book is often exaggerated. But if it is deserved at all, it is because of parts such as chapter 2, “The Postulates of the Classical Economy.” Half a century of exegesis and interpretation have yet to provide a satisfactory and widely accepted version of what this chapter really means. Reactions to chapter 2 fall into four main strands.
postwar monetary economics
world war II
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Professor of Economics
Professor Hoover's research interests include macroeconomics, monetary economics, the history of economics, and the philosophy and methodology of empirical economics. His recent work in economics has focused on the application of causal search methodologies for structural vector autoregression, the history of microfoundational programs in macroeconomics, and Roy Harrod's early work on dynamic macroeconomics. In philosophy, he has concentrated on issues related to causality, especially in economi