Retrospectives

In the General Theory, John Maynard Keynes held money and real wage rates move in opposite directions. In expansion, prices increase faster because of increasing costs and a rise in the proportion of product going to profits. Neoclassical economists held similarly. Money illusion of workers supported their common view. The author's 1938 article rather showed a procyclical pattern, significant to macroeconomic models of the economy. Contemporary literature with new elements of compensation and new measures of wages supports a slightly procyclical relationship. Increased output and employment in expansion do not require lower real wages

Central bank · Economics · Illusion · Keynesian economics · Labour economics · Monetary economics · Monetary policy · Money creation · Quantity theory of money · Real wages · Wage · Economic Theory and Institutions · Economic Theory and Policy · Political Economy and Marxism

• Imperfect Competition and the Trade Cycle

  Claude D''Aspremont, Claude D’aspremont et al.•History of Political Economy•2011

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• Business Cycles in International Historical Perspective

  Open Access•Susanto Basu, Alastair M Taylor et al.•The Journal of Economic…•1999

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• The General Theory of Employment

  John Maynard Keynes•The Quarterly Journal of Economics•1937

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• The General Theory of Employment, Interest and Money.

  Joseph A Schumpeter, John Maynard Keynes•Journal of the American…•1936

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• The Concept of Monopoly and the Measurement of Monopoly Power

  A P Lerner•The Review of Economic Studies•1934

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• Measuring the Cyclicality of Real Wages

  Gary Solon, Robert Barsky et al.•The Quarterly Journal of Economics•1994

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• Cyclical Variations in Wage Structure

  John T Dunlop, John Τ Dunlop•The Review of Economics and…•1939

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• The Employment-Real Wage Relationship

  Patrick T Geary, John Kennan•Journal of Political Economy•1982

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• Marshall and his Correspondence

  Open Access•D P O'Brien, D O’brien•The Economic Journal•1997

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• Relative Movements of Real Wages and Output

  John Maynard Keynes•The Economic Journal•1939

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• Changes in Real and Money Wages

  Lorie Tarshis•The Economic Journal•1939

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• The Movement of Real and Money Wage Rates

  John T Dunlop, John Τ Dunlop•The Economic Journal•1938

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• The Macroeconomics of Low Inflation

  George A Akerlof, William T Dickens et al.•Brookings Papers on Economic…•1996

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• The New Keynesian Synthesis

  Open Access•David Romer•The Journal of Economic…•1993

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• Differences and Changes in Wage Structures

  Alison L Booth, Richard B Freeman et al.•Industrial and Labor Relations…•1996

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