Empire of Wealth: The Epic History of American Economic by John Steele Gordon PDF

By John Steele Gordon

ISBN-10: 0060505125

ISBN-13: 9780060505127

Throughout time, from old Rome to trendy Britain, the nice empires outfitted and maintained their domination via strength of palms and political strength. yet now not the U.S.. the USA has ruled the area in a brand new, peaceable, and pervasive method -- throughout the persisted production of astonishing wealth. during this authoritative, engrossing heritage, John Steele Gordon captures as by no means ahead of the real resource of our nation's international impression: wealth and the means to create extra of it.
This P.S. variation good points an additional sixteen pages of insights into the e-book, together with writer interviews, urged examining, and extra.

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It is important to keep in mind that although reference is often made in macroeconomics to a 'labour market', this term really comprises a very large number of labour markets. The bargaining positions of workers in each of these markets is very much influenced by money-wage rates in the other markets. Even though Keynes often refers to the money-wage rate, he is well aware that it represents a very large number of money-wage rates. It is this awareness, plus the importance of wage-relativity to workers, that leads Keynes to make the empirical observation that workers respond differently to a given decrease in their real-wage rate depending on whether it is the The labour market 31 result of a higher price for wage goods or a lower money-wage rate.

Keynes's discussion of the wage bargain's being in money terms . . is a discussion of the stability of the labour market' (34). Keynes's discussion was not concerned with the stability of the labour market, but with what was decided on such markets. 4 above. The money-wage rate adjustments that occur as a result of unemployment may not move the economy towards full employment. The 'clearing' of the labour markets requires that conditions in the goods markets be such as to result in demands for labour sufficient to employ the labour-hours available at the prevailing real-wage rates.

Up to the point of full employment. This then leads to the statement that Keynesian theory reaches the conclusion that unemployment equilibrium is possible only because of 'rigid wages' (211), which refers to this assumed infinite supply curve of labour. Keynes did not, as we have seen, assume 'rigid wages' in this, or in any other sense. 3 INVOLUNTARY UNEMPLOYMENT The emphasis in the preceding section on the nature of labour markets in Keynes's theory should make it possible to draw aggregate labour supply and demand curves, in order to illustrate his definition of involuntary unemployment, without any implication that the real-wage rate and employment are determined by the intersection of these curves.

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Empire of Wealth: The Epic History of American Economic Power by John Steele Gordon


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