Keynes's Employment Function and the Gratuitous Phillips Curve Disaster

Keynes had a lot of plausible things to say about unemployment and its causes.\nHis ‘mercurial mind’, though, relied on intuition which means that he could\nnot prove his diverse opinions convincingly. This explains why Keynes’s\nideas immediately invited bastardizations. One of them, the Phillips curve\nsynthesis, proved to be fatal. This paper identifies Keynes’s undifferentiated\nemployment function as weak spot. The structural employment function,\non the other hand, works in inflationary and deflationary environments and\nsupersedes the bastard Phillips curve. It will be rigorously demonstrated why\nthere is no trade-off between price inflation and unemployment.