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One way of going about the construction of a theory which treats the possibility of unemployment seriously is to wed the Hicks-Hansen determination of aggregate demand with the labor-market determination of real wages. " Conventional Wisdom: Standard Interpretation of Keynes 46 household preference considerations. Thus if income, as determined by IS-LM considerations, leads up to an excess, or a deficiency, of the demand for labor over the labor market's own "equilibrium" demand, then the dynamic movement will be to increase or decrease employment so that employment equals the demand for labor as determined by /S-LM.
Ma· . p =L(t,O). The investment and saving functions combined into the IS curve of the Hicks model yield the interest rate-real income (output) combinations compatible with equilibrium in the commodity market. As the classical model assumes that output is determined by the equilibrium in the labor market, the investment and saving markets yield an interest rate. Given that the interest rate and output are determined in the commodity and labor markets, the liquidity-preference curve has but one "assignment"; to determine the price level.
167); debts of an unspecified character which are contracts exchanging present money for future money; and real capital assets which are characterized by expected yields (cash flows) that may vary for a number of reasons, so that a rational man will not be certain about the cash flows that capital assets will generate. The determination of investment, therefore, is a four-stage process in The General Theory. , the capital stock); the yield and the interest rate enter into the determination of the price of capital assets; and investment is carried to the point where the supply price of investment output equals the capitalized value of the yield.