Heterodox
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9/19/18: How can unemployment emerge in an economy when there is excess capacity, excess demand for labor, wage is lower than marginal product, laborers must work or starve, and hence demand jobs? This puzzle was solved by Keynes. Video explains, in context of a simple model
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9/19/18: How can unemployment emerge in an economy when there is excess capacity, excess demand for labor, wage is lower than marginal product, laborers must work or starve, and hence demand jobs? This puzzle was solved by Keynes. Video explains, in context of a simple model
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Asad Zaman considers the following as important:
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