Abstract
Professor Tuchscherer (1984) offers a number of comments on my interpretation of Keynes's 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. Unlike Tuchscherer, I do not see all of these issues as resolvable within the labor sub-system, so I reproduce the principal equations used in my interpretation of Keynes's general equilibrium theory. The output market and money market equations are summarized in two equilibrium relations, the IS and LM equations. These equations are, as I have said, as close to conventional as I can make them.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
