Wages, Profits and the '29-32 Depression (1951)
... a situation in which wages increase indefinitely at the expense of profits until the economy broke down in unemployment. There is a suggestion of this kind of collapse in the debacle of 1929-32.
"Asset Identities in Economic Models," in Studies in Income and Wealth, 1951; Collected Works, Vol. I, p. 307.
Back to labor, education and poverty (1981)