Home

The General Theory of Employment, Interest and Money Part 14

The General Theory of Employment, Interest and Money - novelonlinefull.com

You’re read light novel The General Theory of Employment, Interest and Money Part 14 online at NovelOnlineFull.com. Please use the follow button to get notification about the latest chapter next time when you visit NovelOnlineFull.com. Use F11 button to read novel in full-screen(PC only). Drop by anytime you want to read free – fast – latest novel. It’s great if you could leave a comment, share your opinion about the new chapters, new novel with others on the internet. We’ll do our best to bring you the finest, latest novel everyday. Enjoy

And it appears that, for reasons which are not yet clear, these factors taken in conjunction have no significant influence on the distribution between labour and capital of the income resulting from the output. Whatever a more complete inquiry into the problem may bring forth, it is evident that Mr Dunlop, Mr Tarshis and Dr Kalecki have given us much to think about, and have seriously shaken the fundamental a.s.sumptions on which the short-period theory of distribution has been based hitherto;? it seems that for practical purposes a different set of simplifications from those adopted hitherto are preferable. Meanwhile I am comforted by the fact that their conclusions tend to confirm the idea that the causes of short-period fluctuation are to be found in changes in the demand for labour, and not in changes in its real-supply price; though I complain a little that I in particular should be criticised for conceding a little to the other view by admitting that, when the changes in effective demand to which I myself attach importance have brought about a change in the level of output, the real-supply price for labour would in fact change in the direction a.s.sumed by the theory I am opposing?as if I was the first to have entertained the fifty-year-old generalisation that, trend eliminated, increasing output is usually a.s.sociated with a falling real wage.

I urge, nevertheless, that we should not be too hasty in our revisions, and that further statistical enquiry is necessary before we have a firm foundation of fact on which to reconstruct our theory of the short period. In particular we need to know: (i) How the real hourly wage changes in the short period, not merely in relation to the money wage, but in relation to the percentage which actual output bears to capacity output; (ii) How the purchasing power of the industrial money wage in terms of its own product changes when output changes; and (iii) How gross profit per unit of output changes (a) when money costs change, and (b) when output changes.

J. M. KEYNES.

Table of Contents | Previous Chapter | Next Chapter

Please click Like and leave more comments to support and keep us alive.

Rates:

novelonlinefull.com rate: 4.5/ 5 - 2 votes

RECENTLY UPDATED MANGA

Evil Emperor's Poisonous Consort: Divine Doctor Young Miss

Evil Emperor's Poisonous Consort: Divine Doctor Young Miss

Evil Emperor's Poisonous Consort: Divine Doctor Young Miss Chapter 118 Author(s) : Sounds Of Snow In The Night, Ye Yin Ru Xue, 夜音如雪 View : 180,746
Forty Millenniums of Cultivation

Forty Millenniums of Cultivation

Forty Millenniums of Cultivation 846 Humanization Author(s) : The Enlightened Master Crouching Cow,卧牛真人 View : 817,649
Zombie Sister Strategy

Zombie Sister Strategy

Zombie Sister Strategy Chapter 83: The Runaway Troop Author(s) : A Wisp of Netherworld Inferno, 一缕冥火 View : 32,342
Silver Overlord

Silver Overlord

Silver Overlord Chapter 70: Reporting In Author(s) : Drunken Tiger View : 22,283
Royal Roader on My Own

Royal Roader on My Own

Royal Roader on My Own Chapter 136 Author(s) : Park Sung Yun View : 286,993
Spirit Realm

Spirit Realm

Spirit Realm Chapter 1204 Author(s) : Ni Cang Tian,逆蒼天 View : 3,155,517
Santairiku Eiyuuki

Santairiku Eiyuuki

Santairiku Eiyuuki Volume 1 Chapter 24 Author(s) : Sakuragi Sakura, 桜木桜 View : 12,826
Miracle Throne

Miracle Throne

Miracle Throne Chapter 455 Author(s) : Half-Drunk Wanderer,半醉游子 View : 1,477,240

The General Theory of Employment, Interest and Money Part 14 summary

You're reading The General Theory of Employment, Interest and Money. This manga has been translated by Updating. Author(s): John Maynard Keynes. Already has 355 views.

It's great if you read and follow any novel on our website. We promise you that we'll bring you the latest, hottest novel everyday and FREE.

NovelOnlineFull.com is a most smartest website for reading manga online, it can automatic resize images to fit your pc screen, even on your mobile. Experience now by using your smartphone and access to NovelOnlineFull.com