Desai, Milinf - Volkswirtschaftliche Fakultät, … - 2010
money and prices- like the quantity theory one. What is necessary and important is that there should be a relation between … the growth rates of absolute outputs and money. Money affects output and employment. 2. Wages are not assumed to be rigid …. Given the level of employment, all people should work, “earn” money and hence “determine” output. 3. A one line conclusion …