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On Some Foundational Issues in the Theory of Money
A precondition for the emergence of involuntary unemployment is the fact that substantial labour reserves already exist that make at least a segment of workers price-takers. Not only is "full employment" of all the workers whom capital employs impossible, but a capitalist monetary economy cannot function without such substantial labour reserves as make at least a segment of workers price-takers.
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On Some Foundational Issues in the Theory of Money
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