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We have shown that when effective demand is deficient there is under employment of labor in the sense that there are men unemployed who would be willing to work at less than the existing real wage. Consequently, as effective demand increases, employment increases, though at a real wage equal to or less than the existing one, until a point comes at which there is no surplus of labor available at the then existing real wage.
— The General Theory of Employment, interest and Money
 (book)
by J. M. Keynes
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| Language: | English |
| Submitted by: | spondulix |
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