Employment and Equilibrium: A Theoretical Discussion

Employment and Equilibrium: A Theoretical Discussion

Employment and Equilibrium: A Theoretical Discussion

Employment and Equilibrium: A Theoretical Discussion

Excerpt

The "objective" of this book is a set of interrelated problems which bear on the behaviour, not of particular parts of economic systems, but of economic systems as wholes. Many of these problems were brought into the forefront of economic discussion by the late Lord Keynes' book on The General Theory of Employment, Interest and Money. Whatever may be thought of the value of his criticisms upon other people, or of the solutions which he himself offered, the author of that book rendered a very great service to economics by asking important questions. When once that has been done, the task of answering these questions is often a relatively pedestrian one. In this field, therefore, Keynes was a true pioneer.

After dealing in Part I with definitions and some other preliminary matter, I try in Part II to elucidate the conditions necessary in order that an economic system may be in what I shall call short-period flow equilibrium, examining under this general heading the "classical view" and the relation in various circumstances between equilibrium and what has come to be spoken of as "full employment". Part III is devoted to a discussion of the relation, as between two economic systems, of differences in the state of several important determining influences to differences in aggregate . . .

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