Abstract
We have found in Keynes the sketch of a monetary policy designed to ensure full employment. Problems have arisen about whether this is compatible with price stability also. It is alleged that the condition of full employment will cause a tendency for excessive wage increases. If so, this would entail rising prices, in accordance with the equation set out on p. 162. Keynes recognised that there was a problem here, but did not go deeply into the matter.
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Notes
R. F. Harrod, Economic Journal, March 1939.
G. L. S. Shackle, The Tears of High Theory (1967).
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© 1969 Roy Harrod
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Harrod, R. (1969). Growth Theory. In: Money. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-15348-0_8
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DOI: https://doi.org/10.1007/978-1-349-15348-0_8
Publisher Name: Palgrave Macmillan, London
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