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The role of uncertainty in the unemployment theory of Keynes

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  • Nicolas PILUSO

Abstract

This paper aims at analysing the role of uncertainty in Keynes theory of involuntary unemployment. This concept has no role in the model of Keynes resulting from the neoclassic synthesis: a result of unvoluntary unemployment equilibrium is obtained as to the violation of Walras law. Section 1 shows the gap between Keynes analysis of unemployment and Glustoff's model. It concerns the question of wage flexibility. Section 2 tries to underline that uncertainty has actually a role in the relationship between wage and employment.

Suggested Citation

  • Nicolas PILUSO, 2007. "The role of uncertainty in the unemployment theory of Keynes," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 52, pages 105-114.
    • Handle: RePEc:cpo:journl:y:2007:i:52:p:105-114
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    Cited by:

    1. Nicolas Piluso & Edwin Le Héron, 2017. "La taxe carbone dans une économie d'inspiration keynésienne," Post-Print hal-01454866, HAL.

    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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