Well, the Marxian theory is the growing reserve army of labor increasing the organic composition of capital leading to a fall in the rate of profit and breakdown of capital accumulation. A major assumption was that automation would lower productivity and profit, which did not play out. So, industrialists definitely <i>would</i> benefit from a minimum wage JG force.<p>The purpose of the New Deal was not empowerment, but emergency restructuring. Some of the initial programs (AAA, NRA) were deemed unconstitutional and it was built into a corporatist model for maximum expediency. There weren&#x27;t any McJobs in the 30s, and the New Deal was certainly not about &quot;decent benefits and pay&quot;. Nor would a contemporary minimum wage JG be.<p>Marshallian analysis was not a purely comparative static approach. It did allow for dynamism and fluctuations as actors converged between states. That Keynes spoke of homogeneous investment functions and &quot;marginal efficiency of capital&quot; shows that he was still rooted in that tradition.<p>You&#x27;re moving the goalposts, though. IS-LM is still his.