Download full text
(408.0Kb)
Citation Suggestion
Please use the following Persistent Identifier (PID) to cite this document:
https://nbn-resolving.org/urn:nbn:de:0168-ssoar-69242-6
Exports for your reference manager
How mainstream economists explain (or not) unemployment?
[journal article]
Abstract One of the tasks assigned to mainstream economists is to legitimize the significance of unemployment. This paper aims to reconstruct the evolution of their approaches from the theoretical impossibility asserted by Pigou to the recognition of involuntary unemployment by Keynes and eventually to diffe... view more
One of the tasks assigned to mainstream economists is to legitimize the significance of unemployment. This paper aims to reconstruct the evolution of their approaches from the theoretical impossibility asserted by Pigou to the recognition of involuntary unemployment by Keynes and eventually to different versions of the natural unemployment rate. The unemployment rate had become an instrument for fine-tuning of the economy, but it no longer fulfills this role. It is then the whole dominant macroeconomics that is shaken to its foundations. But this crisis might help to return to expansionary fiscal policies (a Green New Deal) and to the Job Guarantee, thus echoing Keynes' question: "There is work to do; there are men to do it. Why not bring them together?"... view less
Keywords
economy; unemployment; Kenya
Classification
Sociology of Economics
Labor Market Research
Free Keywords
unemployment; mainstream economics; The Phillips curve; NAIRU; Keynesian economics
Document language
English
Publication Year
2019
Page/Pages
p. 21-37
Journal
Society Register, 3 (2019) 2
DOI
https://doi.org/10.14746/sr.2019.3.2.02
ISSN
2544-5502
Status
Published Version; peer reviewed