Unemployment, Economic Theory and Labour-Market Deregulation

Tony Aspromourgos

Australian Economic Papers, 1987, vol. 26, issue 48, 130-44

Abstract: The notion that a policy of dismantling the institutions governing the determination of wages and employment conditions in Australia will serve to systematically reduce unemployment has received increasing attention and support in recent years. This paper repudiates the deregulationist argument, first, by assessing the mar rginalist presuppositions upon which it rests and second, by presenti ng an alternative account of distribution, competition, and unemploym ent. The critique of the marginalist presuppositions itself serves to justify the theoretical framework of the analysis-a synthesis of the classical approach to distribution and competition and Keynes's prin ciple of effective demand. Copyright 1987 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

Date: 1987
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