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[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 ï¬ll 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 = Î(w/p) (w/p)2 (w/p)4 (w/p)0 ND = Ï(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 deï¬ning involuntary unemployment is the supply curve of labor. For any given real wage rate, this deï¬nes the amount of labor services workersâmaximizing their
History of Political Economy – Duke University Press
Published: Jun 1, 2006
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