Takami, Norikazu - Graduate School of Economics, Osaka University - 2007
acknowledged, his theory of business fluctuations was one integral part of his whole thought about unemployment. In his Industrial … Fluctuations (1927), Pigou gave the most extensive treatment to the monetary policy among the measures against business … it. Pigou, meanwhile, placed much less importance on wage adjustment as a palliative against business cycle. The recent …