Keynes' Labor Market: A Reply

2014-08-18T00:00:00Z (GMT) by Allan Meltzer

Professor Tuchscherer (1984) offers a number of comments on my interpretation of Keynes1 labor market, but the main points of his criticism concern three issues. First is the labor supply function. Second is the meaning of involuntary unemployment. Third is the determination of money wages. If differences on these three points can be reduced, other comments loosely scattered through his text and footnotes will not be major barriers to understanding, so I shall confine my response to these issues.