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 … and an equilibrium point. According to Walras's approach also might be considered "forced unemployment' which is the …

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 … and an equilibrium point. According to Walras’s approach also might be considered “forced unemployment” which is the …

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 …