TY - JOUR AU - Nunes, Selene Peres Peres AU - Nunes, Ricardo da Costa PY - 1997/07/01 Y2 - 2024/03/29 TI - Labor market in Keynes and the role of rigid nominal wages JF - Brazilian Journal of Political Economy JA - BJPE VL - 17 IS - 3 SE - DO - 10.1590/0101-31571997-0940 UR - https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1179 SP - 428-443 AB - <p>This paper discusses the statement that the Keynesian Theory would be “a particular<br />case of the Classical Theory with rigid wages”. It examines whether Keynesian analysis<br />depends on the rigidity hypothesis and to what extent the referred hypothesis has actually<br />been used in The General Theory. The Neoclassical Labor Market is criticized. The Keynesian<br />Theory of Employment, the Pigou’s Reply and the Neoclassical Synthesis are also examined.<br />The analysis of the method applied in the General Theory of Employment, Interest<br />and Money – a static method of a dynamic process – leads to the conclusion that its ideas<br />represented a complete revolution on the economic thought prevailing before its publication.</p><p><strong>JEL Classification:</strong> B22; B31; E12.</p> ER -