Debt and Deficit and Other Illusions

Robert Eisner

Chapter 27 in The Economics of Imperfect Competition and Employment, 1989, pp 709-720 from Palgrave Macmillan

Abstract: Abstract Joan Robinson was appropriately contemptuous of the notion that unemployment could be explained by the stubborn refusal of workers to accept the market real wage. In one memorable passage, she wrote, [T]he orthodox conception of wages tending to equal the marginal disutility of labour, which has its origin in the picture of a peasant farmer leaning on his hoe in the evening and deciding whether the extra product of another hour’s work will repay the extra backache, is projected into the modern labour market, where the individual worker has no opportunity to decide anything except whether it is better to work or starve. (Joan Robinson, 1966, p.2)

Keywords: Money Supply; Public Debt; Full Employment; Government Debt; Real Consumption (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-08630-6_27

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DOI: 10.1007/978-1-349-08630-6_27

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