unemployment based on the skepticism toward existing theories based on the observations of a real economy.The study reveals two … and unfeasible.Second, Keynes's unemployment equilibrium is realized owing to market failure in a macro economy. Market … failure in a macro economy shows that involuntary unemployment results from quantitative and not price aspects. In other words …

In this response to Mark Hayes's criticism of his article, 'Lucas on involuntary unemployment', the author insists on … the need to draw a distinction between labour rationing (a market outcome) and unemployment (the activity of job seeking …). Economic theory is mainly concerned with the former. Yet the issue of the voluntarity versus the involuntarity of unemployment …

unemployment. This curve rests on the false premise that workers can 'choose' whether to work or not, and gives credence to the … idea that all unemployment constitutes chosen leisure. Despite this, it was used by Keynes to define the point of full …

stagnation and high unemployment may have had his belief in a monetary explanation for the Great Depression shaken by the failure … of Britain's departure from the gold standard to cause a rapid recovery and reduce unemployment. This disappointment led …

unemployment …