IDEAS home Printed from https://ideas.repec.org/a/hid/journl/v12y200413p67-94.html
   My bibliography  Save this article

Beyond the Market Paradigm: on Keynes's Principle of Effective Demand, and on the Irrelevance of Rigidities for His Explanation of Involuntary Unemployment

Author

Listed:
  • Jochen Hartwig

    (Swiss Institute for Business Cycle Research at the Swiss Federal Institute of Technology, Zürich)

Abstract

The paper argues that Keynes’s General Theory has introduced an employment theory that does not rely on the (labour) market paradigm. The term ‘market paradigm’ is defined, and previous critical evaluations of it in the secondary literature are discussed. The core of the paper is section two, which offers a reinterpretation of Keynes’s Principle of Effective Demand in order to show that this principle presents an explanation for the level of employment alternative to supply and demand forces in the ‘labour market’.

Suggested Citation

  • Jochen Hartwig, 2004. "Beyond the Market Paradigm: on Keynes's Principle of Effective Demand, and on the Irrelevance of Rigidities for His Explanation of Involuntary Unemployment," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 12(1), pages 67-94.
    • Handle: RePEc:hid:journl:v:12:y:2004:1:3:p:67-94
    as

    Download full text from publisher

    File URL: http://www.libraweb.net/articoli.php?chiave=200406101&rivista=61
    Download Restriction: Access to full text is restricted to subscribers
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jochen Hartwig, 2014. "Relative Movements of Real Wages and Output," KOF Working papers 14-355, KOF Swiss Economic Institute, ETH Zurich.
    2. Jochen Hartwig, 2006. "Explaining the aggregate price level with Keynes's principle of effective demand," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 469-492.
    3. repec:pke:wpaper:pkwp1211 is not listed on IDEAS
    4. Jochen Hartwig, 2009. "D and Z in ROPE," KOF Working papers 09-243, KOF Swiss Economic Institute, ETH Zurich.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hid:journl:v:12:y:2004:1:3:p:67-94. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mario Aldo Cedrini (email available below). General contact details of provider: http://www.libraweb.net .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.