Involuntary Unemployment. Unravelling the Conceptual Muddles

Michel De Vroey

No 1994025, LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: The aim of this paper is to disentangle four main acceptations of the unvoluntary unemployment concept, to be found in the literature. The will be dubbed respectively as unvoluntary unemployment à la Keynes, à la Modigliani, à la Azariadis and à la Haavelmo (or, alternatively, Keynes-, Modigliani-, Azariadis- and Haavelmo-underemployment). In a first part, Keynes’s kaleidoscopic understanding of the concept is recalled. A second part discusses the (negative) role which Modigliani-underemployment has played in the first generation of Keynesian models. Part three ponders on the claim, put forward by new classicists, that unvoluntary unemployment à la Keynes is unacceptable within the neo-Walrasian research program. Part four examines the new Keynesian retort to this criticism and the two new acceptations it has brought about, namely Azariadis- and Haavelmo- underemployment.

JEL-codes: B22 E12 E24 (search for similar items in EconPapers)
Pages: 26
Date: 1994-09-01
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvir:1994025

Access Statistics for this paper

More papers in LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Place Montesquieu 3, 1348 Louvain-la-Neuve (Belgium). Contact information at EDIRC.
Bibliographic data for series maintained by Virginie LEBLANC ().