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John Maynard Keynes

(1883-1946)

respectable-looking english gentleman

Biography

Pure Induction, from Keynes' Treatise on Probability, 1920

Economic Possibilities for our Grandchildren, 1930

The General Theory of Employment, Interest and Money, 1936

 

The struggle about money-wages primarily affects the distribution of the aggregate real wage between different labour-groups, and not its average amount per unit of employment, which depends, as we shall see, on a different set of forces. The effect of combination on the part of a group of workers is to protect their relative real wage. The general level of real wages depends on the other forces of the economic system. [General Theory, Chapter 2]