Search results
Results from the WOW.Com Content Network
This new factor of unemployment, Pigou writes, could be solved with subsidies provided by the government to industries suffering the most, such as manufacturing. [14] Keynes argues against several points that Pigou makes in his Theory of Unemployment, but the most visible is Pigou’s theory that unemployment is either frictional or voluntary. [15]
Sweezy's first formally published paper on economics was a 1934 article entitled "Professor Pigou's Theory of Unemployment," published in the Journal of Political Economy in 1934. [3] Over the rest of the decade Sweezy wrote prolifically on economics-related topics, publishing some 25 articles and reviews. [3]
The Pigou effect was first popularised by Arthur Cecil Pigou in 1943, in The Classical Stationary State an article in the Economic Journal. [4] He had proposed the link from balances to consumption earlier, and Gottfried Haberler had made a similar objection the year after the General Theory's publication. [5]
However, Pigou retained free market beliefs, and in 1933, in the face of the economic crisis, he explained in The Theory of Unemployment that the excessive intervention of the state in the labor market was the real cause of massive unemployment because the governments had established a minimal wage, which prevented wages from adjusting ...
The best study of the inflation-unemployment trade-off finds that an increase in unemployment would reduce inflation by about one-third of 1%. Most other studies are in this ballpark.
A major economic mystery of the post-pandemic U.S. is how, with the tightest labor market in decades, employers keep adding jobs every month—even as record-high inflation steadily cools.
A. C. Pigou was at the time the sole economics professor at Cambridge. He had a continuing interest in the subject of unemployment, having expressed the view in his popular Unemployment (1913) that it was caused by "maladjustment between wage-rates and demand" [47] – a view Keynes may have shared prior to the years of the General Theory.
President-elect Donald Trump denounced the public fawning over the suspected assassin behind the gunning down of former United Healthcare CEO Brian Thompson earlier this month.