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A Keynesian View of Patinkin’s Theory of Employment: A Rejoinder

In: Money and Employment

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  • Louise Davidson

Abstract

The gist of Gramm’s comment is that perfectly elastic segments of demand and supply curves are ‘unrealistic’ and therefore ‘the existence of an aggregate labour supply curve with a perfectly elastic section … must be considered a special case’, and ‘may be irrelevant for the labour market’. Gramm’s proof of the irrelevance of this type of aggregate labour supply curve is merely to cite a textbook on price theory (Stigler, 1966). Appeals to such authority are not likely to advance this important discussion very far.

Suggested Citation

  • Louise Davidson, 1990. "A Keynesian View of Patinkin’s Theory of Employment: A Rejoinder," Palgrave Macmillan Books, in: Louise Davidson (ed.), Money and Employment, chapter 37, pages 523-524, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11513-6_38
    DOI: 10.1007/978-1-349-11513-6_38
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