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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...
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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...
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How worker productivity evolves with tenure and experience is central to economics, shaping, for example, life …-the-job tenure from total experience in determining productivity growth. Several findings emerge concerning the initial period on the …-by-period. (2) Previous experience is a substitute, but a far less than perfect one, for on-the-job tenure. (3) There is substantial …
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is 24 to 29%, which is higher than the return to experience. Furthermore, we estimate a 35% return to ten years of tenure … in the formal sector, with no significant return to tenure in the informal sector. The difference in the sources of wage …
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