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Beyond the Market Paradigm: on Keynes's Principle of Effective Demand, and on the Irrelevance of Rigidities for His Explanation of Involuntary Unemployment

Jochen Hartwig

History of Economic Ideas, 2004, vol. 12, issue 1, 67-94

Abstract: The paper argues that Keynes’s General Theory has introduced an employment theory that does not rely on the (labour) market paradigm. The term ‘market paradigm’ is defined, and previous critical evaluations of it in the secondary literature are discussed. The core of the paper is section two, which offers a reinterpretation of Keynes’s Principle of Effective Demand in order to show that this principle presents an explanation for the level of employment alternative to supply and demand forces in the ‘labour market’.

Date: 2004
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Handle: RePEc:hid:journl:v:12:y:2004:1:3:p:67-94