Full Employment and Disequilibrium

John Weeks
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John Weeks: Middlebury College

Chapter 11 in A Critique of Neoclassical Macroeconomics, 1989, pp 162-171 from Palgrave Macmillan

Abstract: Abstract As shown in previous chapters, the effect of the synthesis of pre-Keynesian and Keynesian economics was to sanitise the Keynesian part of the logical possibility of involuntary unemployment. This was achieved (1) by the introduction a pre-Keynesian labour market (aggregate single commodity production function), (2) by rejecting the Keynesian view that expectations were inherently volatile, (3) by the inclusion of a wealth effect, and (4) by presupposing general equilibrium with Walrasian market clearing. From its beginning the synthesis version of macroeconomics left many theorists discontent.

Keywords: General Equilibrium; Capitalist Economy; Full Employment; Money Wage; General Equilibrium Theory (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-20296-6_11

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