Employment Books

A feminists perspective on womens fight for equality in Mexico. A great book, a little wordy but jam packed with salient info.

Keynes presented a generalization of neoclassical theory.Keynes starts the GT in chapter 2 where he analyzes the neoclassical theory of the labor market.He notes that the most advanced technical treatmant was presented by Pigou in his 1933 book,The Theory of Unemployment.Keynes demonstrates in the appendix to chapter 19 that Pigou's model of his theory is a special case of Keynes's general model developed in chapters 20 and 21.The primary result of neoclassical theory is that an optimum result (full employment)is obtained in the aggregate labor market if the aggregated real wage(w/p) equals the marginal product of labor(mpl) derived from an aggregated production function(O= phi(N)).This is expressed as w/p=mpl,where w is the money wage,p is the price level,and mpl is the aggregated marginal product of labor.In chapters 20 and 21 Keynes presented his mathematical analysis.This leads to his generalization of the quantity theory's equation of exchange,MV=PO,to incorporate uncertainty and the speculative demand for money besides risk and the transactions demand for money.There are two such generalizations.Chapter 20 analyzes the labor market and the commodity market.Mathematically,there are two ways of expressing Keynes's first generalization in chapter 20-w/p=mpl/ep or the more convenient w/p=mpl/(mpc+mpi).Unless the elasticity ep=1(ep can range from 0 to 1) or the mpc + mpi=<1,the RHS of both equations will rise .This requires that the money wage also rise.Neoclassical theory requires that the money wage fall.The condition that the elasticity ep equal 1 means the economy is operating on the boundary of the aggregate production possibilities function curve because the labor market clearing condition,w/p=mpl, is an economically efficient outcome.It is thus allocatively efficient and productively efficient.





In chapter 21,Keynes presents his generalization of the neoclassical equation of exchange with the money market added to the labor and commodity markets.The mathematical generalization now becomes w/p=mpl/e,where e is the elasticity that"... measures the response of money prices to the quantity of money in an aggregated economy"(GT,p.305-306).Unless e=1,where e can range between 0 and 1 ,as implicitly assumed by neoclassical economists,the RHS of the above equation will rise and it will be impossible for labor,in the aggregate, to cut its money wage as claimed by neoclassical theory in order to reduce unemployment.Again,the money wage will have to rise.



The final point that needs to be cleared up is that Keynes's aggregate supply function is correctly specified and analyzed mathematically in chapter 20 on p.283 and in a footnote on pp.55-56 of the GT.The reader must be able to apply simple integration to Keynes's derivatives.I give the steps below:



Go to footnote 1 on p.283 of the GT.Keynes defined P to be expected economic profit.The second line from the bottom of this footnote reads as " = delta P ", which is the same as" = dP".That should actually be " = delta P w subscript" due to either (a) a typographical error made by the printer in the GT or (b) because Keynes felt that it was obvious,since he divided D=Z through by w,to get Dw subscript = Zw subscript,which means that you must divide P by w.P is AUTOMATICALLY DEFINED IN TERMS OF WAGE UNITS.Pw subscript is equal to Dw subscript-N.Thus dP(or dPw subscript)=d(Dw subscript - N) =dDw subscript -dN.Simple integration gives the following result- Pw subscript=Dw subscript-N .Divide through by w and you obtain P=D-wN.Add wN to both sides.You get P+wN=D=pO or Z =D.Z=P+wN.w is the money wage.N is aggregate employment.p is the expected price level.O is real output,which is a function of N.D,the expected aggregate demand function,is thus equal to expected total revenue.Z,the expected aggregate supply function,is equal to total variable cost plus expected economic profit.

The same analysis and result is contained in footnote 2 on pp.55-56 of the GT.Keynes defines the derivative dZw subscript/dN=dphi(N)/dN =phi'(N)=1,where you use "d" instead of " delta " notation used by Keynes.Integrate to obtain Z=wN + C,where C is a constant of integration,after you divide through by w.We know that D=Z by definition and that D=pO from chapter 20.We get wN +C=pO or C=pO-wN once we subtract wN from both sides.By definition,C must be equal to actual profit if p is an actual price and expected profit if p is an expected price.Of course,if P=0,then you get Z=wN = total variable cost.(This is the case of constant returns to labor.Note that Keynes covered this case explicitly at the top of p.284, as well as on p.306 of the GT ,in chapter 21.)This,of course is the mistake that Don Patinkin made continuously from 1976-1989 in 3 books and 5 articles-failing to consider that Z is linear in both the diminishing returns and constant returns to labor cases.Of course,in the case of constant returns to labor,you would get a linear 45 degree cross representing the aggregate supply curve.The same mistake is made by all Post Keynesian economists like Sydney Weintraub, Paul Davidson,Douglas Vickers,Jan Kregel, Victoria Chick,Nevile,Skott and Dutt,etc.They fail to consider that Keynes worked with both cases, diminishing returns to labor as well as constant returns to labor,in his microeconomic analysis contained in chapters 20 and 21 of the GT.It is not surprising that the Post Keynesians can not deal with the technical analysis contained in chapters 20 and 21 of the GT and expressed by Keynes in the form of elasticities.Instead,they build their analysis on the claims of a mathematically illiterate economist named Dennis Robertson.It was Robertson who claimed that Keynes's theory of effective demand(D-Z analysis)was contained in chapter 3 of the GT.All Post Keynesians base their work on the assumption that Robertson was correct.Post Keynesians also confuse the D=Z locus,the aggregate supply curve,with Z,the aggregate supply function.All of these errors can be traced back to the original errors made by Dennis Robertson in correspondence with Keynes in Feb.-Mar.,1935 about the first 17 chapters of the GT.Keynes told Robertson very clearly that the anaysis of his D-Z model was in a chapter called the Employment Function.Chapter 20 of the GT is titled," The Employment Function ".After seventy years it is time for economists to read this chapter upon which KEYNES SAID EVERYTHING DEPENDS.
The reason why ed <1 ep <1,e <1, and mpc+mpi<=1 is that the decision to invest in long lived durable capital goods ,within an economic environment of technological and financial change,advance,and innovation,thus creating the problem of technological obsolescence,is made under conditions of Keynesian uncertainty or Ellsbergian ambiguity.Neoclassical theory postulates that there is no uncertainty or ambiguity,only risk ,which is universally represented as the standard deviation of a normal probability distribution.This means that aggregate investment expenditure will not be erratic,unstable,and insufficient over time.Involuntary unemployment can't result
Keynes argues,as does Daniel Ellsberg implicitly,that the assumption of normality is a special case.Hence ,Keynes's generalization that covers ambiguity and/or uncertainty.This means that aggregate investment will be erratic,unstable,unpredictable,and insufficient over time.Involuntary unemployment will result.

***** FIVE STARS *****
WOW!!!!!

Move over Donald Trump, this book is "the Best most Phenomenal" guide on business and success!!!!!

"Get Hired In 28 Days" is the definitive, comprehensive, self-actualizing guide to controlling your future. Unlike other books, it shows you how to focus, define your action plan and just do it! The approaches in this book help you get noticed and rise above the clutter of traditional letter writing campaigns. Instead of "spamming" prospective employers, Mr. Sandoval systematically lays out a step-by-step action plan which gets employers knocking at your door.

It's fresh, creative and out of the box thinking that gets you hired and helps you live a fuller life. Even if you are not actively looking for a new career, this book really lays out some very effective marketing and sales strategies that will help sell whatever you are promoting. It is the ultimate pitch book that helps you market your number one product - yourself!

I loved it and would highly recommend it to anyone looking to change jobs, careers, sell and market more effectively or just to market your brand and increase your present salary.

***** FIVE STARS *****
WOW!!!!!

Move over Donald Trump, this book is "the Best most Phenomenal" guide on business and success!!!!!

"Get Hired In 28 Days" is the definitive, comprehensive, self-actualizing guide to controlling your future. Unlike other books, it shows you how to focus, define your action plan and just do it! The approaches in this book help you get noticed and rise above the clutter of traditional letter writing campaigns. Instead of "spamming" prospective employers, Mr. Sandoval systematically lays out a step-by-step action plan which gets employers knocking at your door.

It's fresh, creative and out of the box thinking that gets you hired and helps you live a fuller life. Even if you are not actively looking for a new career, this book really lays out some very effective marketing and sales strategies that will help sell whatever you are promoting. It is the ultimate pitch book that helps you market your number one product - yourself!

I loved it and would highly recommend it to anyone looking to change jobs, careers, sell and market more effectively or just to market your brand and increase your present salary.

I have been looking for a job for more than 2 months. I thought I was good at interviewing but the course taught me that I need to promote myself not just answer questions. I like the way Eddie says it like it is and did not beat around the bush like some other job readiness materials I came across. My mom bought me the Get That Job course after I started to get depressed and frustrated. I had no idea I could negotiate without worrying what they would do or if they would reject me. Wow... it's a really good course and I ended up getting 4 job offers and after the negotiation process ended up going up $4000 more! Oh, the course is fun and taught me how to promote myself. I really liked the success portfolio section, the manager i interviewed with was really impressed.

192 pages of "know-how" from a veteran overseas employer. Hundreds of current company names and addresses. Historical information and maps. Addresses many topics such as why work in the Middle East, using the tax laws to your advantage, living and working in the Middle East and an intensive look at the countries in the Middle East.

This is a good product for a student taking labor law who wants the material laid out in a condensed format. The review questions are good as well and include questions that will help you see the big picture.

To quote Robert Taylor,Financial Times: "...Guy Standing, an imaginative economist at the International Labour Organization, provides us with a stimulating analysis of the labour markets of the industgrialised economies during the past century."

This is a great reference book for anyone considering part-time and even for those that are already doing it. I have worked both part-time and in a job-share and this topic is a passion of mine. I find the information in the book helpful, accurate, objective and well-balanced. It's presented in a positive fashion - not like an unrealisic fantasy - more like "if you want it bad enough you can get it, but you need to be persistent, open-minded and creative - and here are some strategies that really work." The book spans different industries and professions, which brings even more ideas to the table. The interviews and real life experiences are both inspiring and comforting.

This is a book that provides great career advice for young business professionals given as an experienced and supportive mentor might provide. Keith Wyche (and Sonia Alleyne) have written this for minorities, but I think almost all of it is fabulous advice for anyone trying to build some steam in a business career. As a middle-aged white guy, I obviously have never been a gender or racial minority, so I cannot really address those issues from their perspective.

The book has twelve chapters besides its brief introduction. I think the first chapter on the importance of corporate culture is a great place to start. There are many companies you where you, as a person, will fit in and others where you won't. We all experience this. You also need to know if your goals can be met at a given company. For example, if it is a small family firm with family members in the leadership positions, don't expect that you are going to displace blood. Is it seniority based company or do they actually reward merit? You will want to know this before you invest a couple of years bringing in record sales and are told that you will have to wait your turn because there are people ahead of you in the line. If you want to be rewarded for excellent performance match yourself to a company that rewards based on actual performance. And always keep a your résumé shiny and developing possible next steps outside the company.

The other chapters advise you on the importance of managing how others see you. While you can't control it, how you present yourself and what you do have a big impact on it. You are also advised on how to properly make yourself visible, when to take a lateral promotion or not, when to leave your company for a new job or not, and warned about several career killers. Wyche points out that minorities don't often get second chances once a career gets derailed. So, this chapter can be critical advice.

The author also advises you to develop certain leadership skills so you can be seen as a leader. They are strategic visioning, execution, authentic leadership, flexibility and adaptability, awareness and political judgment, and personal accountability. I have seen many people of every background lack these qualities and misunderstand why they weren't given leadership positions. They blamed it on a lot of other factors other than their own lack of leadership qualities. Don't make that mistake.

Wyche also talks about the vital importance of being completely prepared, how to overcome gender bias, and the critical need to keep you skills fresh and up to date. The chapter on mentors and sponsors applies to everyone, but especially to minorities. This includes the importance of giving back and becoming a mentor and sponsor once you achieve success as a business professional. The last chapter advises you to never give up. The old saying is true; many battles are lost because one side gives up just before they might have won if they had pressed themselves a bit more. Tenacity is a wonderful quality in every part of life.

I like this book a great deal and can't imagine why anyone wouldn't want to read it, but I understand why he focused it for minorities and think it is a terrific resource for them. In my view, though, most of it (nearly all of it) is simply fabulous advice for the up and comer.

Reviewed by Craig Matteson, Ann Arbor, MI