The Keynesian prescription for unemployment rests on the persistence of a 'money illusion' among workers, i.e., on the belief that while, through unions and government, they will keep money wage rates from falling, they will also accept a fall in real wage rates via higher prices.
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"The Keynesian prescription for unemployment rests on the persistence of a 'money illusion' among workers, i.e., on the belief that while, through unions and government, they will keep money wage rates from falling, they will also accept a fall in real wage rates via higher prices." — Murray Rothbard #moneywealth #politicsgovernment
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The Keynesian prescription for unemployment rests on the persistence of a 'money illusion' among workers, i.e., on the belief that while, through unions and government, they will keep money wage rates from falling, they will also accept a fall in real wage rates via higher prices. — Murray Rothbard
About Murray Rothbard
Murray Rothbard was a Economist from United States (1926–1995).
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Who said "The Keynesian prescription for unemployment rests on the persistence of a 'mone…"?
This quote is attributed to Murray Rothbard, a Economist from United States.
When did Murray Rothbard live?
Murray Rothbard lived from 1926 – 1995.
What is this quote about?
This quote touches on Money & Wealth, Politics & Government. Browse more quotes on these themes from the categories page.