The Dubious Labor Market Analysis in Meltzer's Restatement of Keynes' Theory

Paul J. Davidson

20 citations0/0 files storedJournal of Economic Literature

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Economic Theory and Policy Monetary Policy and Economic Impact Economic theories and models

Abstract

A LLAN MELTZER has given the economics profession an interesting and alternative Monetarist prospective to Keynes' General Theory' (Meltzer, 1981). Although Professor Meltzer generously acknowledges our useful exchange on an earlier draft of his fascinating paper, there still remain many unresolved analytical disagreements regarding Keynes' theory. Some of these differences may be questions of interpretation, hence open to differing views, but there is at least one vital relationship in Meltzer's model that deserves an airing for Meltzer's version is (a) inconsistent with Keynes' model and (b) logically inconsistent within Meltzer's own restatement of Keynes' theory. The disagreement turns on the specification of the demand for labor function.

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References

1936The General Theory of Employment, Interest and Money.1936The General Theory of Employment, Interest and Money, by John Maynard Keynes 1967Money, Interest and Prices 1939Relative Movements of Real Wages and Output 1976Milton Friedman's Monetary Framework, A Debate with His Critics.1960An Approach to the Theory of Income Distribution, by Sidney Weintraub (Philadelphia: Chilton Company, 1958, pp. x, 214, $6.50).1964Aggregate Supply and Demand Analysis 1981Keynes's General Theory: A Different Perspective

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