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Maynard keynes concept of effective demand

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Explain John Maynard Keynes's concept of effective demand. How is the employment of labor explained in this theory? How does this explanation differ from the neoclassical interpretation of the labor market? Explain, using Keynes's concept of effective demand, why falling wages, in the context of unemployment, might not lead to the full employment of labor.

Reference no: EM13904718

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