tag:blogger.com,1999:blog-2761684730989137546.post8279921135367814628..comments2024-03-29T09:32:34.853-04:00Comments on Mike Norman Economics: Ramanan — Michal Kalecki On The Effect Of Wages On Employmentmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2761684730989137546.post-86651195683261603072018-12-25T09:01:43.903-05:002018-12-25T09:01:43.903-05:00The failure of Post-Keynesianism
Comment on V. Ram...The failure of Post-Keynesianism<br />Comment on V. Ramanan on ‘Michal Kalecki On The Effect Of Wages On Employment’<br /><br />Kalecki is quoted as follows: “… a wage rise … leads ― contrary to the precepts of classical economics ― to an increase in employment. Conversely, a fall in wages … leads to a decline in employment.”<br /><br />This statement is correct, however, the underlying macroeconomics is defective. More precisely, Kalecki’s profit theory is provably false. Because of this, the rest of his analytical superstructure is false. Kalecki provides an example for the phenomenon that true statements apparently follow from false theories. In order to sort things out, though, one needs the true theory.<br /><br />For details see<br /><br />NAIRU: an exhaustive dancing-angels-on-a-pinpoint blather<br />https://axecorg.blogspot.com/2017/02/nairu-exhaustive-dancing-angels-on.html<br /><br />Keynes’ Employment Function and the Gratuitous Phillips Curve Disaster<br />https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2130421<br /><br />The key relationship between employment and growing/shrinking debt<br />https://axecorg.blogspot.com/2015/10/the-key-relationship-between-employment.html<br /><br />Why Post Keynesianism Is Not Yet a Science<br />https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1966438<br /><br />Truth by definition? The Profit Theory is axiomatically false for 200+ years<br />https://axecorg.blogspot.com/2018/07/truth-by-definition-profit-theory-is.html<br /><br />Cross-references Kalecki<br />https://axecorg.blogspot.com/2015/02/kalecki-cross-references.html<br /><br />Egmont Kakarot-HandtkeAXEC / E.K-Hhttps://www.blogger.com/profile/10402274109039114416noreply@blogger.com