By J. A. Kregel, Alessandro Roncaglia, Egon Matzner
In the mid-1980s the world's industrialised economies entered their moment decade of stagnant development and mass unemployment paralleled in basic terms through the nice hunch. Neo-conservative regulations, which changed conventional Keynesian treatments, were not more profitable in halting the inexorable raise in unemployment: the stigma of failure to accommodate unemployment has touched governments of all political extractions from Conservative to Liberal to Social-Democratic. New views at the unemployment challenge are wanted and this booklet offers them.
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Extra resources for Barriers to Full Employment: Papers from a conference sponsored by the Labour Market Policy section of the International Institute of Management of the Wissenschaftszentrum of Berlin
But, as Keynes notes, this is a complex question, the answer to which is not straightforward because it depends on the aggregate adjustment process. On the basis of this aggregate relation it would be possible to construct a supply oflabour curve which would furnish the basis for a labour market analysis capable of determining the money wage. e. on the prices expected to prevail for consumption goods over the contract period. One possibility is to derive this real value from the wage-price combinations implicit in each point of effective demand.
On the other hand an increase in effective demand, given increasing costs, implies that when N is higher, given w, prices will be higher and real-wages will be lower. Thus, even in Keynes' alternate J. A. Kregel 37 method of analysis lower money wages are associated with higher levels of employment; and lower real wages, given money wages, are associated with higher levels of employment. As Keynes noted, this conclusion was inconvenient, since it had a tendency to offset the influence of the main forces which I was discussing and made it necessary for me to introduce qualifications.
On the other hand, this does not imply that an increase, any more than a decrease, in wages would bring about the increase in effective demand necessary to increase employment. This will depend on the impact of wages on the marginal efficiency of capital, liquidity preference and the propensity to consume, an analysis that Keynes undertakes in ch. 19, of the General Theory. As is well known, he comes to no clear conclusion concerning the effect of wages on the propensity to consume; thus any effect must come through either the rate of interest or the efficiency of capital.