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Some Cambridge reactions to The General Theory: David Champernowne and Joan Robinson on full employment

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  • Mauro Boianovsky

Abstract

This essay analyses early reactions put forward by Cambridge economists David Champernowne and Joan Robinson to J. M. Keynes's treatment of the labour market in The General Theory. Champernowne's and Robinson's critical reactions represented attempts to fill the gap of the determinants of changes in money-wages, which they both identified as a weak spot in the argument of the book. They rejected, albeit for different reasons, Keynes's notion of the point of full employment as an upper limit defined by the equality between the real wage rate and the marginal disutility of employment. Instead of Keynes's taxonomy of types of unemployment, Champernowne and Robinson introduced, respectively, the concepts of 'monetary employment' and 'monetary unemployment', and of 'critical levels' of employment. Copyright 2005, Oxford University Press.

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  • Mauro Boianovsky, 2005. "Some Cambridge reactions to The General Theory: David Champernowne and Joan Robinson on full employment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(1), pages 73-98, January.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:1:p:73-98
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    File URL: http://hdl.handle.net/10.1093/cje/bei004
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    Cited by:

    1. Mauro Boianovsky, 2004. "The IS-LM Model and the Liquidity Trap Concept: From Hicks to Krugman," History of Political Economy, Duke University Press, vol. 36(5), pages 92-126, Supplemen.
    2. Mauro Boianovsky & Hans-Michael Trautwein, 2003. "Wicksell, Cassel, and the Idea of Involuntary Unemployment," History of Political Economy, Duke University Press, vol. 35(3), pages 385-436, Fall.
    3. Claudia Heller, 2007. "Hicks, A Teoria Geral e A Teoria Geral Generalizada," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 8(3), pages 401-436.
    4. Boianovsky, Mauro & Presley, John R., 2009. "The Robertson connection between the natural rates of interest and unemployment," Structural Change and Economic Dynamics, Elsevier, vol. 20(2), pages 136-150, June.

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