Special remedies for special causes: involuntary unemployment in Keynes' political writings

Sylvie Rivot

Cambridge Journal of Economics, 2011, vol. 35, issue 4, 785-803

Abstract: This paper analyses the proposals Keynes' made in his political writings regarding unemployment, extending arguments made in The General Theory. The first issue is the relevance of voluntary unemployment to an understanding of Keynes' views on 'structural' unemployment. The second issue is the connection between, on the one hand, Keynes' argument in favour of public works, State planning and, more generally, the socialisation of investment and, on the other, the analysis of involuntary unemployment made in The General Theory. Emphasis is placed on long-term pessimistic expectations and on the market valuation of capital assets. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Date: 2011
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