From Labor Rationing to (Involuntary) Unemployment: A Conceptual Elucidation

Michel De Vroey

Eastern Economic Journal, 1999, vol. 25, issue 3, 315-330

Abstract: This article argues in favor of drawing a distinction between the concepts of labor rationing and unemployment. Labor rationing refers to the occurrence of excess supply in a given labor market and unemployment to the job searching activity. The former, it will be argued, is a necessary yet insufficient condition for the latter. Lucas' view that the involuntary unemployment concept is meaningless will be challenged. A series of concepts and definitions will be put forward to allow singling out of the conditions under which labor rationing can result in involuntary unemployment.

Keywords: Involuntary Unemployment; Supply; Unemployment (search for similar items in EconPapers)
JEL-codes: E24 J20 J64 (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:25:y:1999:i:3:p:315-330

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