Macroeconomic Analysis of the Welfare State: a Post-Keynesian View
The economic content of the concept of welfare systems is manifold. Despite that, the specific macro economic dimension is surprisingly often missing. This paper demonstrates that macroeconomic theory is indispensable when analysing developments in unemployment, the environment and distribution. The different interpretations of macroeconomics are presented via the debate between John Maynard Keynes and Friedrich Hayek.
KeywordsLabour Market Real Wage Full Employment Effective Demand Money Wage
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