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Keynes, Lucas and involuntary unemployment: a reply to Hayes

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  • Michel De Vroey

Abstract

In this response to Mark Hayes's criticism of his article, 'Lucas on involuntary unemployment', the author insists on the need to draw a distinction between labour rationing (a market outcome) and unemployment (the activity of job seeking). Economic theory is mainly concerned with the former. Yet the issue of the voluntarity versus the involuntarity of unemployment pertains to unemployment as an activity. Failing to make this distinction cannot but lead to semantic confusion. Copyright 2006, Oxford University Press.

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  • Michel De Vroey, 2006. "Keynes, Lucas and involuntary unemployment: a reply to Hayes," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(3), pages 479-482, May.
    • Handle: RePEc:oup:cambje:v:30:y:2006:i:3:p:479-482
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    File URL: http://hdl.handle.net/10.1093/cje/bel008
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    Cited by:

    1. Ichiro Takahashi & Isamu Okada, 2020. "An artificial Wicksell–Keynes economy integrating short-run business cycle and long-term cumulative trend," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 15(4), pages 953-998, October.
    2. Ichiro Takahashi, 2021. "An Artificial Wicksell—Keynes Macroeconomy," Springer Books, Springer, number 978-981-16-6839-5, September.
    3. Ichiro Takahashi, 2021. "Market Mechanism: Stabilizing or Destabilizing?," Springer Books, in: An Artificial Wicksell—Keynes Macroeconomy, chapter 0, pages 1-20, Springer.

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