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the intention of providing a thorough interpretation of this rather obscure work. We explore in depth Lange’s theory of … interest and its relationship with both Keynes’ General Theory (1936) and Hicks’ synthesis (1937), developing two graphical … independent of the General Theory. They consisted of a theoretical generalization and analysis of institutional data, intended to …
Persistent link: https://www.econbiz.de/10011196549
This paper explores the optimal design of subsidies for hiring unemployed workers (?employment vouchers? for short) in the context of a dynamic model of the labor market. Focusing on the short-term and long-term effects of the vouchers on employment and unemployment, the analysis shows how the...
Persistent link: https://www.econbiz.de/10008520261
Persistent link: https://www.econbiz.de/10008610199
This paper compares and contrasts the thinking of Keynes and Geoffrey Ingham, focussing mainly on The General Theory … underpins the crucial distinction between money and ‘real’ wages for the theory of employment but also develops Keynes …
Persistent link: https://www.econbiz.de/10010851101
ideal commodity bundle. Irving Fisher also developed and advocated the impatience theory of interest. But in OLG economies …
Persistent link: https://www.econbiz.de/10005761445
his close affiliation with anarchism. The article then gives a concise summary of Gesell's theory of effective demand and … evidence for rejecting Hick's classic interpretation of the General Theory. If one takes Keynes extensive discussion of Gesell …'s theory of interest as a key for understanding the General Theory, Keynes main innovation of General Theory becomes a monetary …
Persistent link: https://www.econbiz.de/10009371801
Given the renewed interest in negative interest rates, this article analyses Gesell’s theory of interest and its … connection to J. M. Keynes’ General Theory. Gesell recognised that money has little or no carrying costs in comparison to goods …, Keynes himself expressively acknowledged Gesell’s ‘flashes of deep insight’ in the General Theory. In fact, the theoretical …
Persistent link: https://www.econbiz.de/10010760462
ideal commodity bundle. Irving Fisher also developed and advocated the impatience theory of interest. But in OLG economies …
Persistent link: https://www.econbiz.de/10005587097
Conventional models of earnings assume that the occupational pay structure reflects the distribution of marginal productivities. Although ubiquitious in the literature, the underlying hypothesis that wages equal marginal products rests on weak empirical footing: extant studies from the 1970s...
Persistent link: https://www.econbiz.de/10011011527
Conventional models of earnings assume that the occupational pay structure reflects the distribution of marginal productivities. Although ubiquitious in the literature, the underlying hypothesis that wages equal marginal products rests on weak empirical footing: extant studies from the 1970s...
Persistent link: https://www.econbiz.de/10009397226