Involuntary Unemployment by Michel De Vroey
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Involuntary Unemployment
By Michel De Vroey

Involuntary Unemployment

The Elusive Quest for a Theory

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Format: Hardback

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Involuntary Unemployment by Michel De Vroey

Book Description

The Great Depression of the 1930s with its dramatic unemployment rates was one of the most striking economic events of the past century. It shook economists' beliefs in the existence of self-adjusting forces and prompted Keynes to write his masterwork, The General Theory of Employment, Interest and Money. Involuntary unemployment was the central concept of Keynes' book. However, after having been considered the sine qua non of economics for decades, it has gradually disappeared from textbooks and research. This book recounts and ponders this demise, asking whether the abandonment of the concept of involuntary unemployment is the manifestation of some inner defect of recent economic theory or is rather due to some intrinsic weakness of the concept itself, which makes it of little use when it comes to economic theorising. In order to disentangle these issues, the author critically reviews the different explanations of involuntary unemployment that have been offered from Keynes up to the end of the 1980s. After consideringThe General Theory, the author studies the works of pioneering macroeconomists such as Hicks, Modigliani, Lange, Leontief, Tobin, Klein and Hansen. An examination of the 're-appraisal of Keynes' and of the so-called disequilibrium school is followed by a discussion of Friedman's and Lucas' anti-Keynesian attack. The final part of the book investigates a series of models purporting to revive the Keynesian project, namely implicit contract, efficiency wages, insider-outsider, coordination failures, and imperfect competition.

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Book Details

ISBN: 9780415080743
ISBN-10: 0415080746
Format: Hardback
(234mm x 156mm x 20mm)
Pages: 320
Imprint: Routledge
Publisher: Taylor & Francis Ltd
Publish Date: 1-Dec-2003
Country of Publication: United Kingdom

Other Editions...


Books By Author Michel De Vroey

History of Macroeconomics from Keynes to Lucas and Beyond by Michel De Vroey History of Macroeconomics from Keynes to Lucas and Beyond, Paperback (January 2016)

This book retraces the history of macroeconomics from Keynes's General Theory to the present.

Involuntary Unemployment by Michel De Vroey Involuntary Unemployment, Paperback (July 2006)

The Great Depression of the 1930s shook the economists' beliefs in the existence of self-adjusting forces and prompted Keynes to write his masterwork, "The General Theory of Employment, Interest and Money". Involuntary unemployment was the central concept of Keynes' book. This book recounts and ponders the demise of this concept.

» View all books by Michel De Vroey

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Author Biography - Michel De Vroey

Michel De Vroey is Professor of Economics at the Universite catholique de Louvain (Belgium). His main research interest is the history of macroeconomics. He has held visiting positions at the Universite de Paris, Pantheon-Sorbonne, Duke University and the Universite de Montreal. He has published articles in Economics and Philosophy, The Cambridge Journal of Economics and in the main history of economic thought journals.

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Recent books by Michel De Vroey close
History of Macroeconomics from Keynes to Lucas and Beyond by Michel De Vroey
History of Macroeconomics from Keynes to Lucas and Beyond by Michel De Vroey
Involuntary Unemployment by Michel De Vroey
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