ECS4861
Assignment 3 2025
(Answer Guide) -
Due 13 August 2025
QUESTIONS WITH 100%
VERIFIED AND
CERTIFIED ANSWERS.
, 1|Page
ECS4861 Assignment 3 2025 (Answer Guide) - Due 13 August 2025
VERIFIED AND CERTIFIED ANSWERS. WRITTEN IN REQUIRED FORMAT AND WITHIN
GIVEN GUIDELINES. IT IS GOOD TO USE AS A GUIDE AND FOR REFERENCE, NEVER
PLAGARIZE. Thank you and success in your academics.
UNISA, 2025
Contents
Title: Evaluating the Role of Wage and Price Rigidities in Keynesian Explanations of
Involuntary Unemployment ................................................................................................................... 2
Introduction ........................................................................................................................................... 2
1. Keynes’s General Theory and the Origins of Wage and Price Rigidity ............................ 2
2. Orthodox Keynesianism and the Formalization of Rigidities .............................................. 3
3. New Keynesian Economics: Microfoundations of Rigidity .................................................. 3
4. Critical Evaluation of the Necessity of Rigidities in Keynesian Thought ......................... 5
Conclusion ............................................................................................................................................. 5
References ............................................................................................................................................. 6
Assignment 3 2025
(Answer Guide) -
Due 13 August 2025
QUESTIONS WITH 100%
VERIFIED AND
CERTIFIED ANSWERS.
, 1|Page
ECS4861 Assignment 3 2025 (Answer Guide) - Due 13 August 2025
VERIFIED AND CERTIFIED ANSWERS. WRITTEN IN REQUIRED FORMAT AND WITHIN
GIVEN GUIDELINES. IT IS GOOD TO USE AS A GUIDE AND FOR REFERENCE, NEVER
PLAGARIZE. Thank you and success in your academics.
UNISA, 2025
Contents
Title: Evaluating the Role of Wage and Price Rigidities in Keynesian Explanations of
Involuntary Unemployment ................................................................................................................... 2
Introduction ........................................................................................................................................... 2
1. Keynes’s General Theory and the Origins of Wage and Price Rigidity ............................ 2
2. Orthodox Keynesianism and the Formalization of Rigidities .............................................. 3
3. New Keynesian Economics: Microfoundations of Rigidity .................................................. 3
4. Critical Evaluation of the Necessity of Rigidities in Keynesian Thought ......................... 5
Conclusion ............................................................................................................................................. 5
References ............................................................................................................................................. 6
