01:220:301 Lecture Notes - Lecture 18: Arthur Cecil Pigou, John Maynard Keynes, Lydia Lopokova
Document Summary
Member of the british delegation to the paris peace conference after world war i. Head of the british delegation to the bretton woods conference after world war ii. Universal basic income to alleviate poverty ( give everyone a basic income. Attacked by keynes in general theory, page by page. Big declin in demand for labor will shift the demand in. But the (cid:449)orkers don"t really ha(cid:448)e their preferences changed so the supply curve stays the same. The wages are also fixed in the short run. unemployed. So the wage is stuck at oa but the demand for labor is at oc but the supply is at ob so c-b is the demand for labor would grow. So get rid of unemployment, if we just get the wage down. If wages were flexible, then wages would fall from oa to od the supply of wages would shink. Keynes says it wont lecture 18 john maynard keynes (i)
