Uma Revisão dos Argumentos Keynesianos sobre os Determinantes do Equilíbrio de Longo Prazo com Desemprego Involuntário

After the publication of The General Theory of Employment, Interest and Money (hereafter, GT), an intense debate about its main preposition – that the long-run equilibrium of the economy is a position of involuntary unemployment – was established. The consensus view that emerged from it, known as neoclassical synthesis, established the triumph of the classical theory, according to which the long-run equilibrium of the economic system is characterized by full-employment of the labor force. According to the neoclassical synthesis, GT was a special case of the classical theory, the one where nominal wages and/or nominal prices are rigid. The objective of the present paper is to restate the original arguments of the GT in order to show that the conventional interpretation went wrong and that there is enough elements if GT to show that a long-run equilibrium with involuntary unemployment may exist even if nominal wages and prices are flexible.(This abstract was borrowed from another version of this item.)