Keynesian Economics Is Forced to Treat Workers as Lifeless Beings to Account for Unemployment

Yoshihiro Maruyama

Journal of Rural Economics, 2013, vol. 84, issue 4, 2

Abstract: In Keynesian Economics unemployed workers stop their work as well as their consumption of goods. They seem to have lost their life. As the aggregate demand recovers, they will be reemployed to restart their work as well as their consumption of goods as if lifeless machines have restarted their consumption of fuel. In reality many unemployed workers find their employment in self-employed production including agriculture to continue their production and their consumption of goods. Hence they maintain their demand for the output of capitalist firms for their materials and for their consumed goods. Thus the self-employed production that is the main theme of agricultural economics gives human life to Keynesian economics and gives rise to external economies to moderate fluctuations in the aggregate employment and the aggregate demand for output.

Keywords: Labor; and; Human; Capital (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aesjre:241980

DOI: 10.22004/ag.econ.241980

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