An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Tuesday, August 12, 2014
Lord Keynes — Davidson on Nominal Contracts and Uncertainty
Short and sweet explanation of why capital not only produces wage and price rigidity but also requires it operationally.
No, it's not the unions, or inflexible workers unwilling to accept flexible wages.
Rather, it's an attempt to introduce a modicum of predictability in a non-ergodic system through forward contracts.
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Davidson on Nominal Contracts and Uncertainty
Lord Keynes
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