Abstract

KALECKI, Michał. Money and real wages. El trimestre econ [online]. 2020, vol.87, n.346, pp.527-541.  Epub Jan 20, 2021. ISSN 2448-718X.  https://doi.org/10.20430/ete.v87i346.1076.

This essay explains the Keynesian theory of wages and tests it. As an example, it lays out a hypothetic free competition economy in order to analyze the consequences of a rise of a cut of wages in production and employment. The article is based on the assumption that paid employees don’t save their income, so their wages equal the income of the capitalists. So it finds that a salary award can have effects on the income distribution: it tends to reduce the monopoly degree, and it produces a rise on real wages.

Keywords : Wages and salaries; Keynesian theory of wages; income distribution; capitalists’ consumption; consumer goods.

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