ABSTRACT
In her introduction to a collection of essays published under the title After Keynes (1973a), Joan Robinson observed that the chief objective of what she termed "the other half of the Keynesian revolution" is to establish that, in an industrial economy, the level of prices is governed by the level of money wage rates:
This [objective] was a greater shock . . . even than the concept of effective demand governed by volatile expectations. . . . This was such a blow to orthodox ideas that almost all of those who were ready to welcome the Keynesian diagnosis of unemployment somehow refused to take it in until it became too painfully obvious to be ignored any longer. 1
