The struggle over the real wage in the monetary production economy

Keynes contents in General Theory that the monetary market logic of the aggregate real wage in the monetary production economy conveys: (i) the determination of the average real wage rate, the level of employment, and the possibility of involuntary unemployment through the interaction of the monetar...

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Autores:
Matallana Laverde, Hernando
Tipo de recurso:
Work document
Fecha de publicación:
2009
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
eng
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/8100
Acceso en línea:
http://hdl.handle.net/1992/8100
Palabra clave:
Income distribution
Monetary production economy
Monetary keynesianism
Real aggregate wage
Wage labour
Wage differentials
Economía Keynesiana
Distribución del ingreso
Monetarismo
B22, E12, E24, E25, J31
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
Description
Summary:Keynes contents in General Theory that the monetary market logic of the aggregate real wage in the monetary production economy conveys: (i) the determination of the average real wage rate, the level of employment, and the possibility of involuntary unemployment through the interaction of the monetary markets and the goods markets; and (ii) the determination of the money wage rate through the bargains of the forms and the workers as a market-theoretical stability condition of the economic system. Accordingly, (iii) the money wage claims of labour (in conformity with changes of the average labour productivity) do not alter the distribution of income between capital and labour; and (iv) the struggle about the money wages by diferent groups of workers is actually a zerosum game over the distribution of the aggregate real wage between the diferent fractions of the working class. The paper discusses Keynesís contention in the context of the monetary-keynesian theory of the endogenous-money monetary production economy.