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http://hdl.handle.net/2123/7465
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| Title: | Keynes on the Australian Wages System |
| Authors: | Aspromourgos, Tony Economics |
| Issue Date: | Jul-1994 |
| Publisher: | Department of Economics |
| Series/Report no.: | 205 |
| Abstract: | Keyne's General Theory briefly discusses the Australian wages system, as an example of a system in which an attempt was made to fix real wages by law. Keynes argues that such a system, strictly enforced, generates an unstable unemployment equilibrium or highly volatile money wages and prices. This paper clarifies Keynes's views on the Australian system, with a view to their wider relevance for the significance of real money and wage flexibility and inflexibility in Keynes's economics. The most striking finding is that money wage stickiness is a conclusion, not an assumption, of Keynes's theory of employment. |
| URI: | http://hdl.handle.net/2123/7465 |
| ISBN: | 0867588403 |
| Department/Unit/Centre: | Economics |
| Appears in Collections: | Working Papers - Economics |
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