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Books > Social sciences > Sociology, social studies > Social institutions > Work & labour
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Involuntary Unemployment (Hardcover, New)
Loot Price: R5,324
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Involuntary Unemployment (Hardcover, New)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 17 working days
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The Great Depression of the 1930s with its dramatic unemployment
rates was one of the most striking economic events of the past
century. It shook economists' belief in the existence of
self-adjusting forces and prompted Keynes to write his masterwork,
The General Theory of Employment, Interest and Money (1936). This
book studies the evolution of macroeconomics viewed through the
window of involuntary unemployment.
Involuntary unemployment has played a central role in the
development of macroeconomics and has also been the object of
heated debates, being defended and attacked by prominent economists
with equal vehemence. However, this concept has gradually
disappeared from textbooks and research. This book recounts and
ponders this demise, asking is this a manifestation of a defect of
economic theory or is it rather that the involuntary unemployment
concept is of little use when it comes to economic theory?
In order to disentangle these issues, the author critically
examines the different explanations of involuntary unemployment
that have been offered from Keynes up to the end of the 1980s.
After consideration of the General Theory, the author studies the
works of pioneering macroeconomists such as Hicks, Modigliani,
Lange, Leontief, Tobin, Klein and Hansen. A consideration of the
"re-appraisal of Keynes" and the disequilibrium school is followed
with a discussion of Friedman's and Lucas' anti-Keynesian attack.
The final section of the book investigates key topics such as
different New Keynesian models, efficiency wages, and imperfect
competition models.
General
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