Time and the wage-unit in Keynes's method.
In: Lawson, T. and Pesaran, H., (eds.)
Keynes' Economics: Methodological Issues.
Croom Helm: Beckenham, UK.
The purpose of this paper is to assert and support analytically a proposition about the implicit method of Keynes' General Theory (CW, VII). The proposition is that the device of the wage-unit is much more than a convenient way of measuring output without using a price deflator: the wage-unit is fundamental in creating a theory of output, employment and prices which, although using the technique of static analysis, nevertheless belongs amongst examples of economic theorising in historical time. This fact distinguishes Keynes' analysis sharply from neoclassical theories. The body of the chapter will be occupied with showing exactly how the wage-unit allows a combination of static method and historical time, but first let us put the problem in its methodological setting.
|Title:||Time and the wage-unit in Keynes's method|
|Additional information:||Republished by Routledge Revivals, 2009, ISBN: 9780415556514|
|UCL classification:||UCL > School of Arts and Social Sciences > Faculty of Social and Historical Sciences > Economics|
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