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Published in:
1989 | OriginalPaper | Chapter
Employment Policy
Author : Gordon A. Fletcher
Published in: The Keynesian Revolution and its Critics
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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Frankel’s charge against Keynes, that he sought to use public deceit in monetary policy, by the deliberate use of money illusion in the labour market, carries with it very serious implications. Not only, it is claimed, will the discovery of the bluff lead to inflationary expectations being ‘built in’ to wage claims and other contracts expressed in money terms, but it will also progressively undermine the moral authority of the monetary order itself.1