Employment and Unemployment

Brendan Sheehan
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Brendan Sheehan: Leeds Metropolitan University

Chapter 11 in Understanding Keynes’ General Theory, 2009, pp 212-231 from Palgrave Macmillan

Abstract: Abstract This chapter brings together a range of themes about employment and unemployment in the General Theory model. First the chapter focuses directly on the relationship in the General Theory model between the key independent variable of aggregate effective demand and the main dependent variable of employment. This can be represented by what Keynes calls an employment function, which is strongly related to the aggregate supply function outlined in Chapter 3. The employment function allows Keynes to define different equilibrium volumes of employment generated by different levels of effective demand; it can additionally be used to define a full employment position free from reliance on the classical postulates.

Keywords: Real Wage; Full Employment; Labour Unit; Equilibrium Volume; Aggregate Supply (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23285-3_11

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DOI: 10.1057/9780230232853_11

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