against Keynes’s concept of involuntary unemployment. It comprises two main parts. In the first, I question Lucas’s claim that …. In the second, I discuss Lucas’ three arguments against the involuntary unemployment concept - first, that there is no … rationale for drawing a distinction between two sorts of unemployment, second that every economic outcome features voluntarity …

unemployment worse would permit demand management to be revived. Neoclassical criticisms played a part in discrediting demand … for the discussion, the nature of the unemployment that is observable in the real world, and the implications of the …

The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the …, fails to capture key elements of the recent crisis. This paper reviews the current reappraisal of the paradigm in the light … of the history of macroeconomic thought. Twice in the past 80 years, a major macroeconomic crisis led to the breakthrough …

especially topical because the world financial crisis that erupted in 2008 has brought sharply into focus again the old division … fiscal, to pull troubled economies out of crisis. The question closely resembles a decisive dilemma for Keynes in the 1930s …