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Slackson comments on A Keynesian key insight - Less Wrong Discussion

6 Post author: Stuart_Armstrong 19 June 2013 02:05PM

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Comment author: Slackson 19 June 2013 04:57:55PM 2 points [-]

The theoretical microeconomics view is the one that claims:

After all, if there is unemployment, wages should fall, making it more attractive to hire workers. Therefore the equilibrium should be that everyone who wanted to work at the wages available should work. And this is not only an equilibrium, but an attractor: free-floating wages should move the economy towards the equilibrium.

Comment author: ESRogs 19 June 2013 08:39:03PM 0 points [-]

Ah, thanks!

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