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Additional resources for Franco Modigliani: A Mind That Never Rests
The heart of the Pigou-Keynes debate is about how wage cuts can cause unemployment. Broadly speaking, the classics and Keynes differ about what determines the rate of interest. 2, (1c) indicates that according to Keynes, the liquidity preference schedules depend on the rate of interest. ”39 Given the expectation, W, the rate of interest equates M with the liquidity preference, A. This is determined from the outside of the model. To observe the way this is determined externally, one could fix M, then determine the rate of interest.
This concept requires a special form of the supply of labor curve. During the debate between Keynes and Hawtrey, Keynes asked Pigou to explain the nature of the supply of labor function. Pigou responded that the supply of labor curve is a reverse “L-shape” or kinked curve with the x-axis representing the “number of employable persons in the population,” (not the “number of unit hours worked”). 31 This point sealed the position of the classics to be interpreted as 22 Franco Modigliani: A Mind That Never Rests saying that the supply of labor is the number of people employed at a given wage rate.
This appears simple so far, until we point out that the equality cannot be attained without bringing into the picture the concept of expectations. ”42 Expectations are not only central to the S ϭ I concept, but to Keynes’ theory of employment as well. To demonstrate this, let us follow Hicks’ review again. Let us define the short-term to be a period in which expectations do not change. It is tied to the price that producers expect at the time they commit to produce something. Long-term expectations have to do with expected returns.