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Lectures on John Maynard Keynes’ General Theory of Employment, Interest and Money (4): Chapter 4, "The Choice of Units"; Chapter 5, "Expectations as Determining Output and Employment"

Brian Ferguson

No 1309, Working Papers from University of Guelph, Department of Economics and Finance

Abstract: In Chapter 4 of the General Theory, Keynes discusses the units of measurement he will be using in the remainder of the book, in particular his reason for measuring in nominal rather than real terms, objection to aggregate measures of real output and physical capital stock, and his concept of wage units, which is a source of difficulty in following bits of the later exposition. Chapter 5 introduces expectations and discusses the role of short run expectations in determining the behavior of firms and of economic aggregates.

Keywords: Keynes; General Theory; Keynesian Economics; Classical Economics; Wage Units; Labour Units; Short Run Expectations; Long Run Expectations; Economic Dynamics (search for similar items in EconPapers)
JEL-codes: B10 B12 B13 B22 B31 E12 N12 N14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe and nep-mac
Date: 2013
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Handle: RePEc:gue:guelph:2013-09