Labour Supply, Employment and Unemployment in Macroeconomics: A Critical Appraisal of Orthodoxy and a Heterodox Alternative

Malcolm Sawyer () and David Spencer

Review of Political Economy, 2010, vol. 22, issue 2, 263-279

Abstract: The paper begins with a critical evaluation of the modelling of the individual supply function of labour in orthodox economics. The varying ways in which the aggregate labour supply curve has been represented in macroeconomics texts is then outlined. A proposal for a simple representation of the aggregate labour supply curve based on economic, social and institutional realities is then provided. Finally the implications of our discussion for macroeconomic analysis are drawn.

Date: 2010
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DOI: 10.1080/09538251003665651

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