Add to ORKGIt is argued that policymakers, macroeconomists and microeconomists should all take high unemployment more seriously. The shortcomings of existing theories of unemployment are discussed, and a new definition of involuntary unemployment is proposed. A model is sketched in which falling aggregate demand leads to "Keynesian" unemployment because labor is heterogeneous and relative wages matter. Microeconomic theory is criticized for assuming away unemployment and, in the process, radically changing the answers to some basic questions in trade theory and public finance. Finally, some speculative explanations are offered for the low unemployment now found in states like New Jersey and Massachusetts.
Economists have long sensed that the failure of goods markets to clear is a prime reason for the eme...
In 1994, economists in the United States were virtually unanimous in believing that the unemployment...
The paper conjectures that the high unemployment of the Western economies has been produced by the d...
It is argued that policymakers, macroeconomists and microeconomists should all take high unemploymen...
The perspective of modern macroeconomic theory, be it new classical or old and new Keynesian, is tha...
Twenty years ago, on the eve of the first of the great post-Bretton Woods recessions, unemployment d...
One of the tasks assigned to mainstream economists is to legitimize the significance of unemployment...
Bill Mitchell and Joan Muysken explore the evolution of economic theory from a construction of unemp...
The conventional wisdom is that high European unemployment is the result of job markets that are rig...
Unemployment, as defined by the U.S. Government. is the number of people seeking work who cannot fin...
The paper is divided into three parts, and a summary at the end. Part one explains how policies cond...
This paper addresses the issue of why Keynesian economists have had such a hard time in giving the c...
Following the most recent recession, an attempt has been made to explain current levels of unemploym...
Although the U.S. unemployment rate in 1998 was at its lowest level since the late 1960s, the nation...
"It is widely acknowledged that the contemporary unemployment problem is very largely a problem of u...
Economists have long sensed that the failure of goods markets to clear is a prime reason for the eme...
In 1994, economists in the United States were virtually unanimous in believing that the unemployment...
The paper conjectures that the high unemployment of the Western economies has been produced by the d...
It is argued that policymakers, macroeconomists and microeconomists should all take high unemploymen...
The perspective of modern macroeconomic theory, be it new classical or old and new Keynesian, is tha...
Twenty years ago, on the eve of the first of the great post-Bretton Woods recessions, unemployment d...
One of the tasks assigned to mainstream economists is to legitimize the significance of unemployment...
Bill Mitchell and Joan Muysken explore the evolution of economic theory from a construction of unemp...
The conventional wisdom is that high European unemployment is the result of job markets that are rig...
Unemployment, as defined by the U.S. Government. is the number of people seeking work who cannot fin...
The paper is divided into three parts, and a summary at the end. Part one explains how policies cond...
This paper addresses the issue of why Keynesian economists have had such a hard time in giving the c...
Following the most recent recession, an attempt has been made to explain current levels of unemploym...
Although the U.S. unemployment rate in 1998 was at its lowest level since the late 1960s, the nation...
"It is widely acknowledged that the contemporary unemployment problem is very largely a problem of u...
Economists have long sensed that the failure of goods markets to clear is a prime reason for the eme...
In 1994, economists in the United States were virtually unanimous in believing that the unemployment...
The paper conjectures that the high unemployment of the Western economies has been produced by the d...