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Given that Walrus considered himself a gradualist socialist it is highly ironic that he is probably best known today for the neo-classicals who resort to the IS-LM model and invoke Walrus' Law to avoid having to provide a real model of the labor markets. (The assumption is that if the capital and the goods markets are in equilibrium, then, per Walrus' Law, the labor markets must also be in equilibrium.) A socialist who comes to be known for providing justification for ignoring labor markets!  Steve Keen has written interesting posts that deal with the subject recently.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Sep 27th, 2009 at 11:15:54 PM EST
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