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' beliefs in the existence of
self-adjusting forces and prompted Keynes to write his masterwork,
The General Theory of Employment, Interest and Money.
Involuntary unemployment was the central concept of Keynes'
book. However, after having been considered the sine qua non of
economics for decades, it has gradually disappeared from textbooks
and research. This book recounts and ponders this demise, asking
whether the abandonment of the concept of involuntary unemployment
is the manifestation of some inner defect of recent economic theory
or is rather due to some intrinsic weakness of the concept itself,
which makes it of little use when it comes to economic
theorising.
In order to disentangle these issues, the author critically
reviews the different explanations of involuntary unemployment that
have been offered from Keynes upto the end of the 1980s. After
consideringThe General Theory, the author studies the works of
pioneering macroeconomists such as Hicks, Modigliani, Lange,
Leontief, Tobin, Klein and Hansen. An examination of the
're-appraisal of Keynes' and of the so-called disequilibrium school
is followed by a discussion of Friedman's and Lucas' anti-Keynesian
attack. The final part of the book investigates a series of models
purporting to revive the Keynesian project, namely implicit
contract, efficiency wages, insider-outsider, coordination
failures, and imperfect competition.
General
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