The different aspects of wage rigidity and flexibility in Keynesian analysis

Edward J. Amadeo ()

Brazilian Journal of Political Economy, 1988, vol. 8, issue 1, 85-92

Abstract: The paper analyses different aspects of the role of wages in Keynesian Economics.It argues that a reduction in money wages – a policy prescription to fight unemploymentusually found in orthodox analysis – may have a negative effect on the level of activity.Also, it argues that the conventional view of Keynesian macroeconomics (based on the rigidityof wages) misinterprets Keynes’s own views in the General Theory. ln the book Keynespoints out that wide fluctuations of. wages are not desirable since they would lend instabilityto the economic system. JEL Classification: B22; J30; E12.

Keywords: Wage rigidity; wages; history of economic thought; Keynesianism (search for similar items in EconPapers)
Date: 1988
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