Stockhammer, Engelbert; Guschanski, Alexander; Köhler, … - Post Keynesian Economics Study Group - PKSG - 2014
The paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run the private effective labour demand need not be downward sloping because of debt deflation and wage-led demand regimes. In the medium run the NAIRU will be endogenous because of the social norm...