Hayes, M. G. - In: The European Journal of the History of Economic Thought 15 (2008) 2, pp. 275-291
The present paper argues that Keynes's theory of aggregate employment assumes perfect competition (understood as price … capital-goods. The degree of competition, to which Keynes makes a single cryptic reference, refers to the social and … institutional obstacles to the free movement of resources, associated mainly with closed shops of entrepreneurs and workers. Keynes …