On Involuntary Unemployment

Frank Hahn

Economic Journal, 1987, vol. 97, issue 388a, 1-16

Abstract: This paper argues that on a proper definition of equilibrium "involuntary unemployment equilibrium" is a logically coherent concept. It then proposes two alternative routes of modeling the labor market (efficiency wage and "fairness") which allows an equ ilibrium with involuntary unemployment. Copyright 1987 by Royal Economic Society.

Date: 1987
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