The purpose of this article is to provide a post-keynesian analytical framework for evaluating the impact of minimum wages on employment. After describing briefly the post-keynesian macroeconomic theory of the labour market, emphasis is then placed on the critical second-round productivity...

The author traces the various stages in the development of a viable measure of the net product. Beginning with Petty's seminal exposition of the problem, the paper then analyzes the Physiocratic fixed-price composite-commodity measure, the Smith-Keynes 'labour command' approach, and the...