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The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, [1] giving macroeconomics a central place in economic theory and contributing much of its terminology [2] – the "Keynesian Revolution".
A part-time job is a form of employment that carries fewer hours per week than a full-time job. Workers are commonly considered to be part-time if they work fewer than 30 hours per week. [ 2 ] Their hours of work may be organised in shifts.
But for Keynes, this change of job may involve costs (job search, training) and is not always possible. Generally speaking, for Keynes, the assumptions of full employment and automatic return to equilibrium discredit the theory of comparative advantage. [11] [12]
Milton Keynes (/ k iː n z / ⓘ KEENZ) is a city [c] in Buckinghamshire, England, about 50 miles (80 km) north-west of London. [b] At the 2021 Census, the population of its urban area was 264,349. The River Great Ouse forms the northern boundary of the urban area; a tributary, the River Ouzel, meanders through its linear parks and balancing lakes.
In regards to employment, the condition referred to by Keynes as the "first postulate of classical economics" stated that the wage is equal to the marginal product, which is a direct application of the marginalist principles developed during the nineteenth century (see The General Theory). Keynes sought to supplant all three aspects of the ...
Thus, full employment of labor corresponds to potential output. Whilst full employment is often an aim for an economy, most economists see it as more beneficial to have some level of unemployment, especially of the frictional sort. In theory, this keeps the labor market flexible, allowing room for new innovations and investment.