マクロ経済学 Macroeconomics

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1 マクロ経済学 Macroeconomics
第１７章　労働市場均衡と一般均衡 Chap.17 Labor Market Equilibrium and General Equilibrium

2 生産物市場と貨幣市場の同時均衡⇒IS=LM分析⇒主要な変数は国民所得Yと利子率i、物価Pや貨幣賃金率wは所与のパラメーター
金融政策で貨幣供給量Mを増減、財政政策で政府支出Gや税額Tを増減⇒両市場にどのような影響を及ぼし、国民所得Yと利子率iの均衡値をどのように変化 労働市場の需給均衡を分析…古典派とケインズ派 生産物市場、貨幣市場、債券市場および労働市場の4つの市場の一般均衡を分析 Simultaneous equilibrium between product market and money market ⇒ IS = LM analysis ⇒ national income Y and interest rate i as the main variables, prices P and money wage rate w are given parameters Monetary policy increases or decreases the money supply amount M, and fiscal policy increases or decreases government expenditure G and tax amount T ⇒ how they affect the two markets, how the equilibrium values of national income Y and interest rate i change Analyzing the supply-demand balance in labor market ... classical school and Keynesian school General equilibrium theory analyzes the four markets of product market, money market, bond market and labor market

3 １．労働需要 Labor Demand 企業は生産物Yを生産する際に利潤πの最大化を目指して労働Nと資本Kの投入量を決定 生産関数Y＝F(N, K)において短期では資本Kは一定、賃金率をw,　π(N) ＝P･F(N)－(w･N＋固定費) Nに関して微分すると、完全競争下で利潤最大化のためには、　 ∂π/∂N＝π’(N) ＝P･F’(N)－w＝0, ∴w＝P･F’(N)　または　w/P＝F’(N)　が必要条件 ⇒貨幣賃金率wが労働の価値限界生産力P･F’(N)に均等、 　　実質賃金率w/Pが労働の物的限界生産力F’(N)に均等 労働の限界生産力∂F/∂N＝F’(N)…17-1図で、生産曲線Y＝F(N)の接線の勾配 また利潤最大化の十分条件は、2次の微分係数が負,　∂2π/∂N2＝π”(N)＝P･F”(N)＜0,　 F”(N)＜0…が十分条件、労働の限界生産力F’(N)が逓減すること。 ⇒ミクロ経済学の限界生産力説。ケインズはこれを古典派の第1公準（the first axiom of Classical school） Firms decide inputs of labor N and capital K to maximize profit π when producing product Y. In the production function Y＝F(N,K), capital K is constant in the short run, the wage rate is w, π(N) ＝P･F(N)－(w･N＋ fixed cost) When differentiating about N, in order to maximize profit under perfect competition, ∂π/∂N＝π’(N) ＝P･F’(N)－w＝0, ∴w＝P･F’(N)　or　w/P＝F’(N)　is necessary condition.  ⇒ Money wage rate w is equal to value of marginal productivity of labor P･F’(N) . The real wage rate w/P is equal to physical marginal productivity of labor F’(N) . In Figure 17-1, marginal productivity of labor ∂F/∂N＝F’(N), the slope of the tangent of the production curve Y = F (N) A sufficient condition for profit maximization is that the second derivative is negative. ∂2π/∂N2＝π”(N)＝P･F”(N)＜0, F "(N) <0 ... is sufficient condition, marginal productivity F '(N) of labor diminishes. ⇒ Marginal productivity theory in microeconomics.　 　　Keynes called it the first axiom of classical school

4 １B．労働需要 Labor Demand 古典派＝アダム・スミス以降の狭義の古典派とマーシャルや ピグウなどの新古典派
17-2図で実質賃金率(w/P)0がF’(N)と等しくなるように労働 需要量N0が決定 実質賃金率がそれより低いと、(w/P)1＝F’(N)が等しくなるよう に多い労働需要量N1が決定 ⇒労働需要曲線は図の右下がりの曲線 図　生産関数と限界生産力 労働需要NDは実質賃金率w/Pの関数だからF’の逆関数として、 　　ND＝F’－１(w/P)　　　　　 Classical school = classical school in the narrow sense after Adam Smith and neoclassical school such as Marshall and Pigou. The labor demand N0 is determined so that the real wage rate (w/P)0 and F '(N) are equal in Figure 図　労働需要曲線 When the real wage rate is lower than it, condition (w/P)1＝F’(N) determines a larger labor demand N1. ⇒ The labor demand curve is a downward sloping curve in Figure Labor demand ND is a function of real wage rate w/P, so it is an inverse function of F‘, 　ND＝F’－１(w/P) Figure Production function and marginal productivity, Figure Labor demand curve

5 ２．労働供給 Labor Supply 古典派・新古典派…労働者は労働の不効用（disutility of labor）
UDを最小化するように、労働供給を決める⇒労働の限界不効用 ∂UD/∂Nが実質賃金w/Pの限界効用に等しくなる 貨幣単位の限界効用は1、実質賃金の限界効用はw/P, w/P ＝ ∂UD/∂N. 労働量Nが増えると労働の不効用UDも増加、逓増 労働の不効用UDは労働量Nの増加関数H,UD＝H(N), H’(N)＞0, H”(N)＞0 労働の限界不効用∂UD/∂Nが実質賃金率w/Pに等しいという必要 条件および十分条件は、 w/P ＝H’(N), H”(N)＞0　　　　　　　17-3図　古典派の労働供給曲線 ⇒ケインズは古典派の第2公準（the second axiom of Classical school）を否定 労働供給NSは実質賃金率w/Pの関数だからH’の逆関数は、NS＝H’ －１(w/P)、右上がりの曲線 Classical school, Neoclassical school ... workers decide labor supply so as to minimize disutility of labor UD ⇒ marginal disutility of labor ∂UD/∂N should be equal to marginal utility of real wages. The marginal utility of money unit is 1, marginal utility of real wage is w/P , w/P = ∂UD/∂N . As labor quantity N increases, labor disutility UD also increases gradually. Labor disutility UD is an increase function H of labor. UD＝H(N), H’(N)＞0,H”(N)＞0 The necessary and sufficient conditions that marginal disutility of labor ∂UD/∂N should be equal to real wage rate w/P is w/P ＝H’(N), H”(N)＞0 . ⇒ Keynes denied it as the second axiom of classical school Since the labor supply NS is a function of real wage rate w/P , the inverse function of H ‘is NS＝H’ －１(w/P) Figure17-3. Labor supply curve of classical school

6 ２B．労働供給 Labor Supply 企業と労働組合との定期的な賃金交渉制度⇒期首に労働契約 で合意した名目賃金は次の期首までは一定、硬直性（rigidity）。 労働組合は賃上げには合意、賃下げには抵抗、下方硬直性 （downward rigidity） ⇒ケインズは、確立した定期的な賃金交渉制度を所与、貨幣 賃金率が短期的に一定 17-4図のように完全雇用にいたるまでは労働供給曲線は水平、 それ以降は右上がり,固定賃金モデルの労働供給曲線, 17-4図　ケインズの労働供給曲線 Periodic wage negotiation system between companies and labor unions ⇒ Nominal wages agreed on labor contracts at the beginning are constant until the beginning of the next period.⇒rigidity of nominal wages. Labor unions agree on wage increase, but resist to wage reduction.⇒ downward rigidity of wages ⇒ Keynes considered a regular periodic wage negotiation system as being established, nominal wage rate is constant in the short run. The labor supply curve is horizontal until it reaches full employment as shown in figure 17-4, and after that it rises to the right Labor supply curve of fixed wage model Figure 17-4 Labor supply curve of Keynes

7 ３．労働市場の古典派均衡とワルラス的調整過程 Classical Equilibrium in Labor Market and Walrasian Adjustment Process
古典派・新古典派の労働市場の均衡⇒17-5図、企業の労働 需要曲線NDと労働者の労働供給曲線NSとが交わるE点、均 衡実質賃金率(w/P)*と均衡雇用量N*が決定。物価Pは生産 物市場で決まる、労働市場で決まるのは貨幣賃金率w 実質賃金率が均衡より高い(w/P)’⇒労働者は労働供給を多く し、企業は労働需要を控える⇒労働の超過供給ESが発生 ⇒賃金率wや物価Pが伸縮的な経済では、実質賃金が低下、 超過供給がなくなるまで、すなわち均衡点E点に戻る 実質賃金率が均衡より低い(w/P)”では逆。 …ワルラスの安定条件 図　古典派の労働市場均衡 The equilibrium in the classical and neoclassical labor market ⇒ In Figure17-5, the labor demand curve ND of firms and the labor supply curve NS of workers intersect at the point E, the equilibrium real wage rate (w/P) * and the equilibrium employment N* are determined. The price P is determined in the product market, the labor market decides the money wage rate w. When the real wage rate (w/P)' is higher than the equilibrium (w/P)*⇒ Workers increase labor supply and business firms refrain from labor demand ⇒ Excess supply of labor ES occurs. In a economy of flexible wage rate w and price P , the real wage w/P drops, until the excess supply disappears, that is, it returns to the equilibrium point E When the real wage rate (w/P) " is lower than the equilibrium (w/P)*, the reverse is the case.... Walrasian stability condition Figure Classical Labor Market Equilibrium

8 ３B．労働市場の古典派均衡とワルラス的調整過程 Classical Equilibrium in Labor Market and Walrasian Adjustment Process
⇒現行の貨幣賃金率wのもとで働く意思と能力を持って求職活動をすれば、均衡点Eでは、必ず労働の超過供給＝失業はなくなる。非自発的失業（involuntary unemployment）はない ＝完全雇用（full employment）、古典派の第1公準と第2公準を満たす＝ 完全雇用均衡（full-employment equilibrium） 摩擦的失業（frictional unemployment）はある。 自発的失業（voluntary unemployment）はある。通常は失業とは見なされない。 ⇒ If workers do job seeking with the intention and ability to work under the current money wage rate w, unemployment (=excess supply of labor) always disappears at equilibrium point E. There is no involuntary unemployment. = Full employment, satisfies the first and second classical axioms = Full employment equilibrium There is frictional unemployment. There is voluntary unemployment. It is usually not considered unemployment.

9 ４．労働市場のケインズ均衡とマーシャル的数量調整 Keynesian Equilibrium in Labor Market and Marshallian Quantity Adjustment
の労働供給曲線NSとが交わるK点⇒均衡貨幣賃金率w*と均衡雇用量N* が決定。 K点では労働の超過供給ESが存在＝非自発的失業、不完全雇用均衡 （under-employment equilibrium） 企業の労働需要曲線がたまたまND‘の位置にある場合⇒F点で均衡貨幣 賃金率w*と均衡完全雇用量N*が成立 雇用量が均衡より多いN’⇒超過供給賃金ESW（＝供給側が要求する 賃金－需要側が提示する賃金）が発生、企業は労働需要を減らして、均 衡点Kまで戻る。 　逆に雇用量が均衡より少ないN”⇒超過需要賃金EDW（＝需要側が提 示する賃金－供給側が要求する賃金）が発生、企業は労働需要を増やして、均衡点Kまで戻る。 ⇒固定賃金のもとでのマーシャル的数量調整、マーシャルの安定条件 図　ケインズの労働市場均衡 Equilibrium in the Keynesian labor market ⇒ In Figure 17-6, at the point K where the labor demand curve of firms ND intersects the labor supply curve NS of the workers ⇒ the equilibrium money wage rate w* and the equilibrium employment N* are determined. Excess supply of labor ES is present at point K = involuntary unemployment, under-employment equilibrium If the labor demand curve of firms happens to be located at ND'⇒ Equilibrium money wage rate w* and equilibrium full employment N* are established at point F. Employment volume N' is greater than that at equilibrium ⇒ Excess supply wage ESW (= wage required by supply side - wage presented by demand side) occurs, firms reduce labor demand and restore equilibrium point K. On the contrary, employment amount N" is less than that at equilibrium ⇒ excess demand wage EDW (= wage presented by demand side - wage required by supply side) occurs, firms increase labor demand and restore equilibrium point K. ⇒ Marshallian quantity adjustment under fixed wage, Marshallian stability condition Figure 17 – 6. Keynesian labor market equilibrium

10 ＝ケインズ均衡（Keynesian equilibrium）、非ワルラス均衡（non-Walrasian equilibrium）
４B．労働市場のケインズ均衡とマーシャル的数量調整 Keynesian Equilibrium in Labor Market and Marshallian Quantity Adjustment 労働の超過供給ES＝非自発的失業が残る⇒古典派の第1公準は満たすが第2公準は満たさない均衡Kは、非自発的失業を伴う不完全雇用均衡（under-employment equilibrium） ＝ケインズ均衡（Keynesian equilibrium）、非ワルラス均衡（non-Walrasian equilibrium） 大恐慌時の大量失業ESに直面⇒新古典派のピグウは、労働組合が賃金切り下げに応じれば、17-6図の点線の部分の労働供給曲線を回復すれば、労働需要が増えて均衡点Eが実現、大量失業の原因は、労働組合の抵抗による賃金の下方硬直性 ⇒ケインズは、確立した定期的な賃金交渉制度は所与と見なし、貨幣賃金率wが短期的に一定のもとで発生する労働の超過供給ESは非自発的失業で、17-6図のように赤字財政政策などの有効需要政策を用いて企業の労働需要をNDからND'へと増やせば、完全雇用均衡Fを回復できる、有効需要の原理 Excess supply of labor ES = involuntary unemployment remains ⇒ equilibrium K which satisfies the first axiom of the classical school but does not satisfy the second axiom is an under-employment equilibrium with involuntary unemployment. = Keynesian equilibrium, non-Walrasian equilibrium Faced with mass unemployment ES at the time of the Great Depression ⇒ Neoclassical Pigou, if labor unions accept wage devaluation, if the dotted part of the labor supply curve in Figure 17-6 is restored, labor demand will increase and equilibrium point E realized, the cause of mass unemployment is downward rigidity of wages due to the resistance of labor union. ⇒ Keynes considers the established regular wage negotiation system to be given, excess supply of labor generated with a constant wage rate w in the short run ES is involuntary unemployment. If labor demand of firms increases from ND to ND‘ using effective demand policy such as deficit fiscal policy, the full employment equilibrium F will be recovered in Figure the principle of effective demand

11 古典派・新古典派の完全雇用均衡Eとケインズ派の完全雇用均衡Fの違い
４C．労働市場のケインズ均衡とマーシャル的数量調整 Keynesian Equilibrium in Labor Market and Marshallian Quantity Adjustment 古典派・新古典派の完全雇用均衡Eとケインズ派の完全雇用均衡Fの違い 古典派・新古典派⇒ 企業が利潤最大化の結果として得る労働需要曲線NDは主体的均衡、労働者が労働の不効用を最小化する結果として導かれる労働供給曲線NSも主体的均衡、両者の交点で決まる均衡Eでは、両者の主体的均衡。労働の超過供給＝失業は存在しないという意味で完全雇用 ケインズ⇒ 定期的な賃金交渉制度で決まる現行の貨幣賃金率wのもとで働く意思と能力を持って求職活動をしてもなお残る労働の超過供給が非自発的失業、これがなくなる状態を完全雇用（full employment）、実際の貨幣賃金wは交渉の結果次第で高くも低くもなる、労働の超過供給＝失業の大きさもそれに応じて異なる、完全雇用量もそれに応じて異なる。有効需要増加政策により労働需要がNDからND'へと増えれば、古典派の完全雇用均衡EもF点へとシフト、そこでは両者は一致。 The difference between the full employment equilibrium E of the classical school and neoclassical school and the full employment equilibrium F of the Keynesian school. Classical school, Neoclassical school ⇒ Labor demand curve ND obtained as a result of profit maximization by a firm is a subjective equilibrium, labor supply curve NS derived as a result of labor disutility minimization by a worker is also a subjective equilibrium. The equilibrium E which is determined by the intersection of the two, is a subjective equilibrium. It is full employment in the sense that excess supply of labor=unemployment does not exist. Keynes ⇒ Involuntary unemployment＝Excess labor supplies that remain unemployed, even though they have an intention and ability to work at present wage rate w and seek jobs under periodical wage negotiation system. Full employment＝State where involuntary unemployment does not exist. Actual money wage rate w will be higher or lower depending on the result of the negotiations. Excess supply of labor = unemployment will also vary accordingly. Full employment will also vary accordingly. If the labor demand increases from ND to ND ‘ due to effective demand policy, the classical full employment equilibrium E also shifts to F, where the two equilibria correspond.

12 ５．古典派の一般均衡体系 General Equilibrium System of the Classical School
古典派マクロの市場⇒生産物市場、貨幣市場、債券市場、労働市場の4つに大別 生産物市場⇒消費C＋投資I＝総需要AD＝総供給ASで均衡。生産物市場の均衡は次式 　　AD＝C(Y, i)＋I(Y, i)＝AS＝Y ⇒利子率iの調整作用により貯蓄Sと投資Iも均等、次式と同値。　S(Y, i)＝ I(Y, i) 生産物市場の需給均衡で均衡国民所得Y*が決定、貯蓄Sと投資Iとを均衡させるように利子率i*が決定。 貨幣市場の需給均衡は、貨幣数量説によって次式　　MV＝PY 貨幣需要は取引動機により保有。流通速度Vをマーシャルのkの逆数、M(1/k)＝PY 変形すれば次式のようなケンブリッジ現金残高数量説　　M/P＝kY 生産物市場で決まったY*と取引慣行で決まるkを所与として、マネーサプライMを外生的に決めれば、それに応じて物価P*が決定 Classical macro market ⇒ is roughly divided into four; product market, money market, bond market, labor market . Product market ⇒ Consumption C + Investment I = aggregate demand AD = aggregate supply AS ⇒equilibrium. Equilibrium in the product market is expressed by the following formula: 　　　　　 AD＝C(Y, i)＋I(Y, i)＝AS＝Y ⇒ Savings S and investment I are equally equal, by the adjustment effect of interest rate i, equivalent to the following equation　S(Y, i)＝ I(Y, i) The equilibrium national income Y* is determined by the supply-demand balance in the product market, the interest rate i* is determined so that savings S and investment I are balanced. Supply and demand equilibrium in the money market is expressed by the following formula MV＝PY , on the basis of quantity theory of money. Money demand is held by transactions motive. Circulation speed V is the reciprocal of Marshallian k, M(1/k)＝PY , Transforming it to obtain Cambridge quantity theory of cash, M/P＝kY Given Y and k determined in the product market and the trading practices respectively, if the money supply M is determined exogenously, nominal prices P* are determined accordingly.

13 ５B．古典派の一般均衡体系 General Equilibrium System of the Classical School
短期においては資本Kを一定と見なせるから、生産関数は、　Y＝F(N) 労働需要は労働の限界生産力F’(N)が実質賃金w/Pに等しくなるように決まる 　　w/P＝F’(N)　または　ND＝F’－１(w/P)　 労働供給は労働の限界不効用が実質賃金に等しくなるように決まる 　　w/P＝H’(N)　または　NS＝H’－１(w/P)　 ⇒労働市場の需給均衡ND＝NSで、完全雇用量N*が決まる、生産物市場で決まる均衡国民所得Y*に対応。物価水準Pは、貨幣数量説により貨幣市場でP*と決まる。労働市場の均衡では、均衡貨幣賃金率w*が決定。 各市場での総需要額＝総供給額、4つの市場の総需要額の合計≡総供給額の合計に等しい。マクロのワルラス法則（Walras law）。3つの市場で均衡が成り立つ場合には、必ず残りの1つの市場でも必ず均衡が成り立つ。債券市場の均衡条件式は独立ではなく、省略可 In the short run capital K can be regarded as constant, so a production function is Y＝F(N) Labor demand is determined so that marginal productivity F ‘(N) of labor is equal to real wage w/P , w/P＝F’(N)　or ND＝F’－１(w/P)　 Labor supply is determined so that marginal disutility of labor is equal to real wage w/P＝H’(N)　or　NS＝H’－１(w/P) ⇒ Equilibrium (ND＝NS) in the labor market determines full employment N*, which corresponds to equilibrium national income Y*. The price level P is decided as P* in the money market by the quantity theory of money. In the labor market equilibrium, the equilibrium money wage rate w * is determined. Aggregate demand =(is equal to) aggregate supply in each market, Aggregate demand ≡ (is identical to)aggregate supply in four markets . The Walras law of the macro economy. When the equilibrium is established in any three markets, equilibrium always holds in the remaining one market. Equilibrium condition in bond market is not independent, and can be omitted.

14 ５C．古典派の一般均衡体系 General Equilibrium System of the Classical School
すると古典派の一般均衡体系は、 　　S(Y, i)＝I(Y, i) 　　M/P＝kY 　　Y＝F(N) 　　w/P＝F’(N) 　　w/P＝H’(N)　 5本の独立な方程式、国民所得Y、利子率i、物価P、賃金率w、雇用量Nの5つの未知数を均衡解として決定 価格変数の物価P、利子率i、貨幣賃金率wはすべて伸縮的に変動し、ワルラス的な価格調整機構が作用する結果、すべての市場で需給不一致は清算されて、主体的均衡を満たす一般均衡（general equilibrium）が成立。労働市場では完全雇用均衡が成立。 Then, the classical general equilibrium system is expressed as, S(Y, i)＝I(Y, i) Five independent equations can determine five unknowns; national income Y, interest rate i, prices P, wage rate w, employment amount N as equilibrium solutions. Price variables such as prices P, interest rate i, money wage rate w all fluctuate flexibly, and as a result that the Walrasian price adjustment mechanism acts, any imbalances between the supply and demand are cleared in all markets, and the general equilibrium which satisfies the subjective equilibrium is established. ＝ general equilibrium. In the labor market full employment equilibrium is established.

15 ６．ケインズの一般均衡体系 Keynesian General Equilibrium System
マクロの市場は生産物市場、貨幣市場、債券市場、労働市場の4つに大別 先ず生産物市場では、古典派と同様に均衡は次式 　　AD＝C(Y, i)＋I (Y, i)＝AS＝Y 貯蓄Sと投資Iも均等するから、次式で表しても同値 　　 S (Y, i) ＝ I (Y, i) …ヒックスによりIS曲線 貨幣市場の需給均衡は、流動性選好説 　　M/P＝kY＋L(i) …ヒックスによりLM曲線 生産物市場と貨幣市場の同時均衡、IS＝LM分析、均衡国民所得Y*と均衡利子率i*が同時に決定 Macro markets are roughly divided into four: product market, money market, bond market and labor market. First, in the product market, like the classical school, equilibrium is expressed as AD＝C(Y, i)＋I (Y, i)＝AS＝Y Since savings S and investment I are equal (S=I balance), the following equation is equivalent to the above equilibrium equation in the product market, 　 S (Y, i) ＝ I (Y, i) IS curve named by Hicks Supply and demand equilibrium in the money market is based on liquidity preference theory, M/P＝kY＋L(i) LM curve named by Hicks Simultaneous equilibrium in the product and money markets, IS = LM analysis, equilibrium national income Y* and equilibrium interest rate i * are determined.

16 ６B．ケインズの一般均衡体系 Keynesian General Equilibrium System
短期においては資本Kを一定と想定するから、生産関数は、Y＝F(N) と表され、均衡所得Y*に応じて均衡雇用量N*が決まる。 価格変数の物価Pと利子率iは伸縮的に変動し、ワルラス的な価格調整機構が働く。しかし労働市場では貨幣賃金率wは現行水準で固定、マーシャル的な数量調整機構が作用 ⇒すべての市場で安定収束する一般均衡が成立、しかし労働市場では需給不一致は清算されず、超過供給＝非自発的失業が残る、労働供給側の主体的均衡を満たさない不完全雇用均衡Kが成立。この均衡は、市場の調整作用を行う諸力がバランスしてK点で経済が静止するという意味の均衡。よって需給不一致を伴う均衡である。 Interest rate i does not adjusted to bring about equalization of savings and investment but rather to adjust equilibrium in the money market. Since it is assumed that capital K is constant in the short run, a production function is Y＝F(N) . Equilibrium employment N* is determined according to equilibrium income Y*. Price variables such as prices P and interest rate I fluctuate flexibly, and Walrasian price adjustment mechanism works. However, in the labor market, because money wage rate w is fixed at the current level, Marshallian quantity adjustment mechanism works. ⇒ A general equilibrium that converges stably in all markets is established, but in the labor market imbalance of supply and demand is not cleared, and excess supply = involuntary unemployment remains, under-employment equilibrium K is achieved that does not satisfy the subjective equilibrium of the labor supply side. This equilibrium means that all the forces to adjust the market are balanced and the economy stops at point K. Therefore, it is an equilibrium accompanied by unbalance of supply and demand.

17 ６C．ケインズの一般均衡体系 Keynesian General Equilibrium System
有効需要増加政策により労働需要がNDからND ‘へと増えれば、17-6図の不完全雇用均衡Kは完全雇用均衡Fへとシフト。 またアローやハーン、ベナシーなどの固定価格モデル（fixed price model）は、貨幣賃金率だけでなく、すべての価格変数が固定された状況で、数量調整の結果として一般均衡が成立する過程を分析するので、ケインズ理論をより一般化したモデルといえる。1970年代後半から展開されたケインズ・マクロ経済学のミクロ的基礎付け（microeconomic foundations of Keynesian macroeconomics）は、一般均衡論の分析手法を用いて、固定価格の下での数量調整により市場均衡がどのように達成されるかを究明した If labor demand increases from ND to ND ‘ due to effective demand policy, under- employment equilibrium K in Figure 17-6 shifts to full employment equilibrium F. Also, the fixed price model proposed by Arrow, Hahn, Benassy, etc. analyzes the process of establishing a general equilibrium as a result of quantity adjustment in a situation where all price variables including nominal wages are fixed. Thus it is considered more general fixed-price model than Keynes’s model. The microeconomic foundations of Keynesian macroeconomics developed from the latter half of the 1970s analyzed how market equilibrium is achieved by using the analysis of the general equilibrium theory.

18 ７．ケインズ革命 Keynesian Revolution
古典派理論とケインズ理論の重要な相違点 第1⇒貨幣保有動機、貨幣論、利子論。 古典派は、貨幣需要の取引動機を重視した貨幣数量説を唱え、貨幣需要の利子弾力性はゼロであると仮定。利子率は実物的な貯蓄と投資の均衡を図るように調整作用を持ち、貨幣市場の需給均衡には影響しない。=実物的利子論 ケインズは、貨幣需要の取引動機を重視しながらも、投機的動機ないし資産動機を考慮した流動性選好説を唱え、貨幣需要の利子弾力性は完全雇用以外ではゼロではないと想定。利子率は単に実物的な貯蓄と投資の均等だけではなく、その他の需給要因も加えた貨幣の需給均衡を調整するように作用。＝貨幣的利子論 Important differences between classical theory and Keynesian theory １．Money holding motives, Money theory, Interest theory. The classical school proclaimed the quantity theory of money that emphasizes the transactions motive of money demand and assumes that the interest elasticity of money demand is zero. The interest rate has an adjustment function so as to balance real savings and investment and does not affect the balance of supply and demand of money. = Real interest theory Keynes advocated the liquidity preference theory considering speculative motive or asset motivate while emphasizing transactions motive of money demand and assumed that the interest elasticity of money demand is not zero except for full employment. The interest rate has a function not only to equalize real savings and investment but also to adjust the supply and demand equilibrium of money which also added other supply and demand factors. = Monetary interest theory

19 ７B．ケインズ革命 Keynesian Revolution
第2の違い＝金融政策などの政策効果波及経路として利子率ルートが追加される点 貨幣供給量を変化させると、利子率の変化を通じて貨幣需給に影響するのみならず、投資にも影響を及ぼす。これが利子率ルートと呼ばれる政策効果波及経路＝トランスミッション・メカニズム（transmission mechanism）である。 第3の違い＝古典派的2分法か、複数市場の同時均衡分析か、という経済観の違い 生産物市場の均衡により実質国民生産物Yが決まり、貨幣市場の均衡により物価水準Pが決まるという古典派の2分法は、完全雇用以外では成り立たない。 ケインズは、完全雇用のみならず、不況、不完全雇用という2つの経済状態を考慮し、完全雇用における古典派理論をその特殊形態として包摂する『一般理論』を提唱した。そこで完全雇用以外では一般には両市場は相互に関連し合って国民生産物Yや利子率iおよび物価Pを決めると考えた。その分析的枠組みが、生産物市場と貨幣市場の均衡を同時均衡として把握するために、ヒックスにより定式化されたIS＝LM分析である。 2. Keynes added interest rate route as a effect transmission mechanism of monetary and other policies. Changing the amount of money supply not only affects the supply and demand of money through changes in the interest rate but also on investment. This is effect transmission mechanism called interest rate route. 3. Difference in economic views of the classical dichotomy or the simultaneous equilibrium analysis of multiple markets The classical dichotomy that the real national product Y is determined by the equilibrium in the product market and the price level P is determined by the equilibrium in the money market can hold only at full employment. Keynes proposed a "general theory" that can analyze not only two economic conditions of depression and under-employment but also full employment, and includes classical theory in full employment as its special case. Therefore, in general, except for full employment, it was generally thought that both markets correlated to each other to decide national product Y, interest rate i and the price P. This analytical framework is IS = LM analysis formulated by Hicks in order to grasp equilibrium between product and money markets as simultaneous equilibrium.

20 ７C．ケインズ革命 Keynesian Revolution
第4の大きな違い＝労働市場における古典派の第2公準を認めるか否か 完全雇用ではともあれ、少なくとも大恐慌のような不況期には、労働者は現行貨幣賃金wで働きたいと思っても就業できないので、大量の失業が発生する。価格調整機構を重視する.古典派・新古典派は、これは自発的失業であって、労働者が貨幣賃金の切り下げを受け入れれば、企業の労働需要が増えて完全雇用を回復しうると主張した。 ケインズは貨幣賃金の下方硬直性を前提として、古典派の第2公準を認めずに、価格調整メカニズムが働かないときには数量調整メカニズムによって、非自発的失業を伴う不完全雇用均衡が成立することを論証した。これは後に数量調整機構による固定価格モデルの発展に道を開くことになった。 4. Big difference whether to accept the second axiom of classical school in the labor market Regardless of full employment, at least during a recession period like the Great Depression, workers can not work even if they want to work under the current money wage w, so a lot of unemployment will occur. Focusing on price adjustment mechanism Classical and Neoclassical schools insisted that, because it is voluntary unemployment, if workers accept devaluation of money wage, labor demand of firms increases and full employment can be recovered. On the assumption of the downward rigidity of money wages, Keynes did not admit the second axiom of the classical school, and demonstrated that the quantity adjustment mechanism ensures under-employment equilibrium with involuntary unemployment to hold, when the price adjustment mechanism does not work. This led to the development of fixed price models by the quantity adjustment mechanism later. Fifth difference = Difference between policy theory and national view

21 ７D．ケインズ革命 Keynesian Revolution
第5の違い＝政策理論、国家観の違い 古典派は伸縮的な価格調整機構による完全雇用の回復を説き、単年度均衡財政主義、安価な政府、小さな政府、自由主義的な政府を唱えた。 ケインズは、不況時には政府が赤字国債を発行してでも積極的な財政政策の発動により、労働需要量を増加させれば、完全雇用を回復できると説いた。これが有効需要政策。ケインズ自身は、単年度均衡財政主義を支持しなかったが、いつまでも財政赤字を垂れ流しても良いと認めたわけではなく、景気循環の過程で不況時の赤字は好況時の黒字によって相殺されれば良いと考えた。しかしケインジアンの中には、長期的な赤字の垂れ流しを是認し、赤字財政主義、大きな政府、政府の肥大化、非自由主義的な政府を唱える者も出た。 ケインズ理論は、古典派の経済学に対して以上のような大きな修正を迫った。そこで資本主義経済が大恐慌に陥っても、有効需要の原理に基づいて救済することができると説いたケインズの『一般理論』は、当時の経済学者の間にあたかも「燎原の火」のごとくに広がった。クライン（Laurence Klein）は、そうした経済理論上の大変化をケインズ革命（Keynesian revolution）と呼んだ。 5．Difference between policy theory and national view Classicalists preached the recovery of full employment by　elastic price adjustment mechanism, advocated single-year equilibrium finance, cheap government, small government, liberalistic government. Keynes said that full employment can be recovered by increasing the labor demand by activating aggressive fiscal policy even if the government issued deficit bonds during a depression. This is an effective demand policy. Keynes himself did not support single-year equilibrium finance, but he did not admit that it would be good to let the fiscal deficit for a long time. In the process of economic cycle deficit in recession should be offset by surplus in economic boom. However, some Keynesian people approved a long-run drift of deficit, advocated deficit finance, big government, government enlargement, non-liberalistic government. Keynesian theory urged the major modifications to the classical economics. Keynes's "general theory", which he premised that even if the capitalist economy falls into a depression, it can be relieved based on the principle of effective demand. Because Keynes’s theory spread to the economists of the time "as the fire of fields“, Laurence Klein called such a remarkable change in economic theory as Keynesian revolution.