Map of Oldmeldrum on Consequently, from this perspective there is no reason to believe that every dollar leaking out of the income-expenditure stream in the form of saving will be quickly returned in the form of business-investment spending. Moreover, Keynes argued that wage-cuts throughout the economy would fail to return the economy to full employment. Keynes argued here that classical theory was guilty of a basic logical error, namely, what is valid with respect to one firm in isolation may not be valid when applied to all firms across the economy. That is, if one firm faces falling wages, while prices and wages are stable across the economy, then the particular firm has a clear incentive to hire more workers. But if all firms experience falling wages, then firms in general will experience falling demand and prices for their products, and will have little or no incentive to hire additional workers. Consequently, Keynes believed the classical theory to be fundamentally wrong. In essence, Keynes stood classical theory on its head. Map of Oldmeldrum 2016.
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