Amendola, Mario; Gaffard, Jean-Luc; Saraceno, Francesco - In: Scottish Journal of Political Economy 51 (2004) 5, pp. 654-674
Keynes' main concern in the "General Theory" is about the capacity of an economy to return to full employment equilibrium when subject to a (negative) demand shock. He maintains that money wages cuts may not help reabsorb unemployment, as they do not necessarily imply a fall in real wages. On...