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Classical and Keynesian Employment Theories: A Reconciliation

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  • Edgar O. Edwards

Abstract

I. Introduction, 407. — II. Keynes's treatment of labor supply, 409. — III. Sketches of classical and Keynesian employment theories, 410. — IV. A graphical formulation of aggregate demand and supply, 412; the aggregate supply curve, 412; the aggregate demand curve, 414; the aggregate diagram, 414. — V. The classical theory amended, 416. — VI. The Keynesian diagram amended, 418. — VII. Keynesian economics in a classical framework, 420; the aggregate demand curve established, 420; expectations, unintended investment and aggregate demand, 420; involuntary unemployment, 422; labor supply, 423; the interest effect, 424; the real balance effect, 424. — VIII. The introduction of monopolistic elements, 426. — IX. Conclusion, 427. "It is only natural that attempts have been made to place under the Keynesian postulate some kind of theoretical underpinnings which would bring the foundation of his analytical structure to the level of orthodox argument."

Suggested Citation

  • Edgar O. Edwards, 1959. "Classical and Keynesian Employment Theories: A Reconciliation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 73(3), pages 407-428.
    • Handle: RePEc:oup:qjecon:v:73:y:1959:i:3:p:407-428.
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    Cited by:

    1. Michael Takudzwa Pasara & Rufaro Garidzirai, 2020. "Causality Effects among Gross Capital Formation, Unemployment and Economic Growth in South Africa," Economies, MDPI, vol. 8(2), pages 1-12, April.
    2. J. E. King, 1994. "Aggregate Supply and Demand Analysis Since Keynes: A Partial History," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(1), pages 3-31, September.

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