Unemployment, Basic and Monetary: The Classical Analysis and the Keynesian [1936]

The fundamental difference between the General Theory o£ Employment put forward by Mr. Keynes and that put forward by the classical economists, typified by Professor Pigou, is that whereas the latter assume that the wage bargains between the entrepreneurs and the workers determine the real wage, the former argues that these bargains succeed only in determining the money wage. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.