Department of Economics
Date of this Version
January 1971
Abstract
In his article J. Kirker Stephens demonstrates the possibility of simultaneous inflation and unemployment in a simple Keynesian model by relaxing the assumption of labor hornogeneity. As he correctly points out, most graphical and algebraic presentations of Keynesian models have not been used before lo illustrate this empirically important phenomenon. On the other hand, Professor Stephens does not explain how the problem has been analyzed before, albeit verbally, in the traditional Keynesian framework. Consequently, it may riot be readily apparent that complicating this framework with the assumption of diversified labor violates a venerable methodological rule: pluralites non est ponenda sine necessitate.
Comments
Published by Nebraska Journal of Economics and Business 10:1 (Winter 1971), pp. 60-64. Copyright © 1971 University of Nebraska. Used by permission.