The Origin of Keynesian Economics and Some Applications to Restructuring and Globalization

Robert Skidelsky

Chapter Chapter 4 in Keynes for the Twenty-First Century, 2008, pp 81-87 from Palgrave Macmillan

Abstract: Abstract In The General Theory of Employment, Interest and Money, Keynes distinguished between “structural” and “involuntary,” or “demand deficient,” unemployment. What is called Keynesian unemployment is said to refer only to the latter. Thus, you hear: “Expansionary policy in Germany would lead only to inflation because its unemployment is structural.”

Keywords: Exchange Rate; Unit Labor Cost; Export Demand; Budget Surplus; Expansionary Policy (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61113-9_5

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DOI: 10.1057/9780230611139_5

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