The General Theory of Employment
6 pages (1500 words)
But its simplicity does not detract from its viability. And a later president, Richard Nixon, stated that they, American government and business, were all Keynesian practitioners.
Keynes, in his book The General Theory of Employment, Interest and Money (1936, Chapter 2), described involuntary unemployment this way: Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods relatively to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.