Chapter 2 is one of the most important chapters in the General Theory. Not only does it set out Keynes’ disagreements … key part in the way Keynes’ theoretical model is developed here. This chapter introduces Keynes’ concept of involuntary … unemployment and sets out his argument about the causal relation between the real wage and the level of unemployment, and about the …

Propensity to Consume and the Multiplier. Contrary to the widely held belief, Keynes saw the consumer as an intertemporally …Chapters 8, 9 and 10 set out Keynes’ theory of consumer behavior. Chapter 8 is entitled The Propensity to Consume: I … psychological propensities. Chapter 10 formally introduces the marginal propensity to consume and the multiplier. …

This paper shows that Keynes’s involuntary unemployment derived from Walras’s voluntary unemployment by means of … supply function is a strongly increasing function, as in Walras’s approach, there might be only voluntary unemployment, and … there might be involuntary unemployment if the equilibrium point locates between boundary points of the horizontal segment …

Keynes in his General Theory. Keynes, it is argued, gave involuntary unemployment a modern micro-founded definition yet … proxy of demand-deficiency falls. My paper evaluates whether Keynes's other arguments in favour of involuntary unemployment …Using a retrospective methodology, my paper examines critically the insights on involuntary unemployment offered by …

In this paper I evaluate the logical consistency of Patinkin's claim that involuntary unemployment can result from slow …

involuntary unemployment. In a second part, I claim that no correct assessment of Keynes?s programme can be made without drawing a …] and Roberts [1987]) have fared against ?Keynes?s programme?. The first part of the paper characterises Keynes?s programme … as consisting of the following four objectives: (a) demonstrating the existence of involuntary unemployment, (b …

This article argues in favor of drawing a distinction between the concepts of labor rationing and unemployment. Labor … rationing refers to the occurrence of excess supply in a given labor market and unemployment to the job searching activity. The … unemployment concept is meaningless will be challenged. A series of concepts and definitions will be put forward to allow singling …

New Keynesian efficiency wage theories seek to model involuntary unemployment based on Neoclassical (and New Classical … of involuntary unemployment. The use of the Neoclassical production function is especially problematic in depicting … involuntary unemployment. Methodological insights into the strategies that have been pursued to model involuntary unemployment …