Arbeitspapier
Between Pigou and Keynes: Champernowne on employment and expectations
The paper investigates Champernowne's 1936 attempt to sort out the debate between Pigou (1933) and Keynes (1936) about employment determination. Champernowne agreed with Keynes that workers can only bargain for a money-wage, but argued that, to the extent that workers' (adaptive) price expectations lead to accelerating inflation or deflation, this will prompt central banks to change interest rates in order to bring the economy to its equilibrium ("basic") unemployment rate, with real wages equal to their anticipated values. However, that mechanism will not work if general uncertainty ("nervousness") prevails among businessmen.
- Sprache
-
Englisch
- Erschienen in
-
Series: CHOPE Working Paper ; No. 2017-21
- Klassifikation
-
Wirtschaft
History of Economic Thought: Macroeconomics
History of Economic Thought: Individuals: General
- Thema
-
Champernowne
Pigou
Keynes
employment
expectations
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Boianovsky, Mauro
- Ereignis
-
Veröffentlichung
- (wer)
-
Duke University, Center for the History of Political Economy (CHOPE)
- (wo)
-
Durham, NC
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Boianovsky, Mauro
- Duke University, Center for the History of Political Economy (CHOPE)
Entstanden
- 2017
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