The Capital Constraint On Employment

Michael Artis

Chapter Chapter 6 in Controlling Industrial Economies, 1983, pp 109-126 from Palgrave Macmillan

Abstract: Abstract The possibility that there is a capital constraint on the realisation of full employment, that there may be an insufficiency of co-operating capital equipment to permit the full usage of labour resources, resulting in what may be (loosely) termed ‘Marxian Unemployment’, whilst not new in application to less developed economies, is rather a novel idea in relation to developed economies such as that of the United Kingdom. Nevertheless, this hypothesis has something of a hearing today, recurring, in particular, in continental European reflections on the unemployment problem. It had a brief, but somewhat dismissive airing in the McCracken Report (1977) but has been pursued by, among others, Malinvaud in a series of contributions (Malinvaud 1978, 1980a, 1980b)(1).

Keywords: Capital Stock; Real Wage; Full Employment; Capital Equipment; Capital Constraint (search for similar items in EconPapers)
Date: 1983
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DOI: 10.1007/978-1-349-06340-6_6

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