Chapter 19 of the General Theory gives Keynes's literary presentation of why perfectly flexible money wages can't eliminate involuntary unemployment. Chapters 20 and 21 provide the mathematical analysis showing why perfectly flexible money wages can't eliminate involuntary unemployment. One of...

In August 1937, Keynes discovered that Pigou, with the very explicit and rabid support of Dennis Robertson, was planning on publishing a paper in the Economic Journal which deployed the same type of Marshallian, partial equilibrium,ceteris paribus (constant money income) analysis with functions...