'Full Employment AND Price Stability'
explains unemployment as the evidence that
govt. isn't spending enough to satisfy the
desire to pay taxes and the desire to
net save financial assets.
How may axioms is that, etc???
Thanks,
Warren
If you have two theories BOTH purporting to explain
real world involuntary
unemployment equilibrium, the more general theory
(i.e., the one with the
least number of restrictive axioms) MUST BE
PREFERABLE OVER THE THE THOERY
THAT REQUIRES ADDITIONAL RESTRICTIVE AXIOMS-- see
OCCAM's RAZOR, Gunnar!!
Paul
Paul Davidson
Editor, Journal of Post Keynesian Economics
University of Tennessee
SMC 503
Knoxville, Tennessee 37996-0550
phone # (561)369-1951; fax #(561)369-1951;
email pdavidson@xxxxxxx
http://econ.bus.utk.edu/davidsonextra/Davidson.html
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