A Keynesian View of Patinkin’s Theory of Employment: A Rejoinder

Louise Davidson

Chapter 37 in Money and Employment, 1990, pp 523-524 from Palgrave Macmillan

Abstract: Abstract The gist of Gramm’s comment is that perfectly elastic segments of demand and supply curves are ‘unrealistic’ and therefore ‘the existence of an aggregate labour supply curve with a perfectly elastic section … must be considered a special case’, and ‘may be irrelevant for the labour market’. Gramm’s proof of the irrelevance of this type of aggregate labour supply curve is merely to cite a textbook on price theory (Stigler, 1966). Appeals to such authority are not likely to advance this important discussion very far.

Date: 1990
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DOI: 10.1007/978-1-349-11513-6_38

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