Chapter 5: Effective demand and employment
The focus of this chapter is the labour market and the employment of labour. The analysis will be pursued within the short-run framework, assuming given monetary conditions and a fixed level of investment. Long-run conditions will be studied in Chapter 6. Here we start by discussing the main characteristics of the so-called labour market. We then present two simplified versions of the post-Keynesian labour market model – the Marshallian and the Kaleckian versions. This Kaleckian version will then be subjected to a deeper analysis.
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