A Rehabilitation of Say’s Law (W. H. Hutt)
- Highlight Loc. 1646-49 | Added on Thursday, March 29, 2012, 12:39 PM
I conclude that Leijonhufvud has not, as he thinks, shown that “unemployment may persist even with the ‘right’ level” of money wage-rates, unless he means by “the right level” (in any employment) what I call “the wrong level” because it is not adjusted to current entrepreneurial assessments of profitability, right or wrong, and although the ultimate level may be destined to be much higher.
