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unemployment based on the skepticism toward existing theories based on the observations of a real economy.The study reveals two … and unfeasible.Second, Keynes's unemployment equilibrium is realized owing to market failure in a macro economy. Market … failure in a macro economy shows that involuntary unemployment results from quantitative and not price aspects. In other words …
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. Keynes correctly showed in the General Theory that you could not specify the rate of interest just from the supply of savings … from error by combining the IS and LM curves together to provide a consistent and coherent theory of the rate of interest … lectures in December, 1933, and included them in the 1934 draft copy of the General Theory, he refused to present this formal …
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Robert W. Clower's article "The Keynesian Counter - Revolution: A Theoretical Appraisal" (1965) deeply influenced the course of Keynesian macroeconomics by contributing to the transition from IS/LM macroeconomics to fix - price theories. Des pite this influence, no scholar proposed to explain...
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Using two types of overlapping generations (OLG) model, we show that involuntary unemployment is in a Nash equilibrium … not decrease involuntary unemployment …
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unemployment. What is not commonly known is that modern "Keynesian policies" bear little, if any, resemblance to the policy …
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market regularities and (ii) macroeconomic dynamics (long-term rates of growth, GDP uctuations, unemployment rates …
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