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Keynes was adamant that the assumption of homogeneous output and capital in macroeconomic theory is inadmissable. His … Keynes's desire to demonstrate how his general monetary theory of value and output encompasses the special case of Classical … theory, including the marginal productivity theorem. The infamous second footnote on pages 55-6 of The General Theory can …
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There has long been a discussion about the employment impact of minimum wages and this discussion has recently been renewed with the introduction of an economy-wide, binding minimum wage in Germany in 2015. In traditional reasoning, based on the allocational approach of modern labour market...
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