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Rueff et l'analyse du chômage : Quels héritages?

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  • Georges Prat

Abstract

This paper shows that, Rueff (1925, 1931) distinguished [a] a « permanent » unemployment due to excessive real wages relative to the labor productivity, [b] a “temporary” unemployment due to a decline in the economic activity resulting from a cyclic decrease of the price level, and [c] a « minimum » frictional unemployment prevailing in the normal functioning of the economy. Using empirical data, Rueff suggested that the unemployment of type [a] was largely dominant in England during the 1920’s (i.e. the socalled « law of Rueff »). The confrontation between this analysis and the subsequent analysis of unemployment in the literature reveals that : (i) the Phillips curve and its extension with the NAIRU appears as a non-legacy ; (ii) the wage curve is in accordance with the « law of Rueff » and provides an interesting complement to it; (iii) the equation proposed by Allais to explain the french unemployment rate includes the three types of unemployment pointed out by Rueff; (iv) although now abandoned, the fixed price temporary equilibria theory includes the unemployment of type [a] with both the classical regime and the keynesian regime of unemployment ; (v) the new keynesian microeconomy of the labor market shows that unemployment of type [a] can be explained by the behavior of rational agents without involving rigidities imposed by the Government ; this result generalizes the concept of unemployment of type [a] but is a refutation of the possibility accepted by Rueff to get a competitive equilibrium in a labor market without exogenous rigidities; (vi) the imperfect competition WS-PS model based on negotiation between employees and employers appears in accordance with the three kinds of unemployment [a], [b] et [c] so that it can be seen in this model a synthesis joining Rueff and Allais.

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Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2014-1.

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Length: 37 pages
Date of creation: 2014
Date of revision:
Handle: RePEc:drm:wpaper:2014-1

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Keywords: unemployment; wage rigidities; Jacques Rueff.;

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  1. Benassy Jean-pascal, 1974. "Neokeynesian disequilibrium theory in a monetary economy," CEPREMAP Working Papers (Couverture Orange) 7402, CEPREMAP.
  2. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
  3. Arturo Estrella & Frederic S. Mishkin, 1999. "Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty," NBER Chapters, in: Monetary Policy Rules, pages 405-436 National Bureau of Economic Research, Inc.
  4. Assar Lindbeck & Dennis J. Snower, 1989. "The Insider-Outsider Theory of Employment and Unemployment," MIT Press Books, The MIT Press, edition 1, volume 1, number 026262074x, December.
  5. Gabriel Tahar & Jean-Michel Plassard, 1990. "Théorie du salaire d'efficience et disparités non compensatrices : évaluation à partir de l'enquête Fqp," Économie et Prévision, Programme National Persée, vol. 92(1), pages 67-76.
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