Macroeconomic Rationing of Employment

Edmond Malinvaud

Chapter 7 in Unemployment in Western Countries, 1980, pp 173-205 from Palgrave Macmillan

Abstract: Abstract J. M. Keynes started his General Theory with the obvious assertion that when involuntary unemployment exists, the labour supply is not met (which he calls the negation of the ‘second postulate’ of classical theory). During recent years it became common among some theorists to say that workers are then rationed in their labour supply.

Keywords: Unemployment Rate; Labour Supply; Real Wage; Aggregate Demand; Excess Demand (search for similar items in EconPapers)
Date: 1980
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DOI: 10.1007/978-1-349-16407-3_7

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