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Lucas on Involuntary Unemployment

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  • Michel, De Vroey

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

The aim of this paper is to examine critically Lucas’ arguments against Keynes’s General Theory and in particular against Keynes’s concept of involuntary unemployment. It comprises two main parts. In the first, I question Lucas’s claim that Keynes betrayed the equilibrium discipline by freeing himself from the postulates of optimising behaviour and market clearing. In the second, I discuss Lucas’ three arguments against the involuntary unemployment concept - first, that there is no rationale for drawing a distinction between two sorts of unemployment, second that every economic outcome features voluntarity and involuntarity jointly and, third, that alternatives to unemployment are always present.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2003016.

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Length: 28
Date of creation: 01 Jan 2002
Date of revision:
Handle: RePEc:ctl:louvir:2003016

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Keywords: Keynes; Lucas; Involuntary Unemployment;

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  1. Michel De Vroey, 1997. "Involuntary unemployment: the missing piece in Keynes's General Theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 4(2), pages 258-283.
  2. Michel De Vroey, 2000. "Marshall on equilibrium and time: a reconstruction," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(2), pages 245-269.
  3. Michel De Vroey, 1998. "Is the tatonnement hypothesis a good caricature of market forces?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(2), pages 201-221.
  4. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June.
  5. Lucas, Robert E, Jr, 1996. "Nobel Lecture: Monetary Neutrality," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 661-82, August.
  6. Michel De Vroey, 2001. "Friedman and Lucas on the Phillips Curve: From a Disequilibrium to an Equilibrium Approach," Eastern Economic Journal, Eastern Economic Association, vol. 27(2), pages 127-148, Spring.
  7. Michel De Vroey, 1999. "From Labor Rationing to (Involuntary) Unemployment: A Conceptual Elucidation," Eastern Economic Journal, Eastern Economic Association, vol. 25(3), pages 315-330, Summer.
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Cited by:
  1. Michel De Vroey, 2007. "Did The Market-Clearing Postulate Pre-Exist New Classical Economics? The Case Of Marshallian Theory," Manchester School, University of Manchester, vol. 75(3), pages 328-348, 06.

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