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Chapter Nine: Monetary Theory under the Assumption of Unemployment

Chapter Nine: Monetary Theory under the Assumption of Unemployment [Published here is the text of chapter 9 of the 1953 draft of Money, Interest, and Prices, by Don Patinkin. In this transcription, roman and arabic numerals enclosed in square brackets identify the chapter and page number of the original typescript. For example, [IX-12] indicates chapter 9, at the start of page 12. Patinkinʼs original typescript of this chapter is in the Don Patinkin Papers at Duke University. The typescript was lightly amended to fill in some blank spaces and correct a small number of typographical errors.] History of Political Economy 38:2 DOI 10.1215/00182702-2005-002 Copyright 2006 by Duke University Press w/p N S = Γ(w/p) (w/p)2 (w/p)4 (w/p)0 ND = ψ(w/p, K0 ) N2 N4 N 0 N 9 N 10 N Figure 1 an individual may be acting voluntarily in this sense, and still be poor and unhappy. For example, his budget restraint may be a very severe one. Hence no moral approbation is necessarily attached to maintaining the voluntariness of behaviour in this sense.1 It follows that the norm of behaviour in defining involuntary unemployment is the supply curve of labor. For any given real wage rate, this defines the amount of labor services workers—maximizing their http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

Chapter Nine: Monetary Theory under the Assumption of Unemployment

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Publisher
Duke University Press
Copyright
Copyright 2006 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-2005-002
Publisher site
See Article on Publisher Site

Abstract

[Published here is the text of chapter 9 of the 1953 draft of Money, Interest, and Prices, by Don Patinkin. In this transcription, roman and arabic numerals enclosed in square brackets identify the chapter and page number of the original typescript. For example, [IX-12] indicates chapter 9, at the start of page 12. Patinkinʼs original typescript of this chapter is in the Don Patinkin Papers at Duke University. The typescript was lightly amended to fill in some blank spaces and correct a small number of typographical errors.] History of Political Economy 38:2 DOI 10.1215/00182702-2005-002 Copyright 2006 by Duke University Press w/p N S = Γ(w/p) (w/p)2 (w/p)4 (w/p)0 ND = ψ(w/p, K0 ) N2 N4 N 0 N 9 N 10 N Figure 1 an individual may be acting voluntarily in this sense, and still be poor and unhappy. For example, his budget restraint may be a very severe one. Hence no moral approbation is necessarily attached to maintaining the voluntariness of behaviour in this sense.1 It follows that the norm of behaviour in defining involuntary unemployment is the supply curve of labor. For any given real wage rate, this defines the amount of labor services workers—maximizing their

Journal

History of Political EconomyDuke University Press

Published: Jun 1, 2006

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