The role of uncertainty in the unemployment theory of Keynes

Nicolas Piluso ()

Cahiers d’économie politique / Papers in Political Economy, 2007, issue 52, 105-114

Abstract: This paper aims at analysing the role of uncertainty in Keynes theory of involuntary unemployment. This concept has no role in the model of Keynes resulting from the neoclassic synthesis: a result of unvoluntary unemployment equilibrium is obtained as to the violation of Walras law. Section 1 shows the gap between Keynes analysis of unemployment and Glustoff's model. It concerns the question of wage flexibility. Section 2 tries to underline that uncertainty has actually a role in the relationship between wage and employment.

JEL-codes: B22 E12 E24 (search for similar items in EconPapers)
Date: 2007
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