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Unemployment out of nowhere

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  • Kakarot-Handtke, Egmont

Abstract

Unemployment is usually explained with reference to the equilibrium of supply and demand in the labour market. This approach rests on specific behavioral assumptions that are formally expressed as axioms. The standard set of axioms is replaced in the present paper by a set of structural axioms. This approach yields the objective determinants of employment. They consist of effective demand, the actual outcome of price formation, structural stress as determined by the heterogeneity within the business sector and the income distribution. Sudden changes of employment are effected by latent relative switchers that are hard to spot empirically.

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File URL: http://mpra.ub.uni-muenchen.de/32896/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 32257.

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Date of creation: 14 Jul 2011
Date of revision: 15 Jul 2011
Handle: RePEc:pra:mprapa:32257

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Keywords: New framework of concepts; Structure-centric; Axiom set; Full employment; Employment–profit ratio trade-off; Causality; Economic law; Historical specificity; Latent relative switcher;

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References

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  1. Hoover,Kevin D., 2001. "Causality in Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521002882.
  2. Kakarot-Handtke, Egmont, 2011. "The pure logic of value, profit, interest," MPRA Paper 30853, University Library of Munich, Germany.
  3. Axel Leijonhufvud, 2009. "Out of the corridor: Keynes and the crisis," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 741-757, July.
  4. Kakarot-Handtke, Egmont, 2011. "Keynes’s missing axioms," MPRA Paper 31179, University Library of Munich, Germany.
  5. Kakarot-Handtke, Egmont, 2011. "The wondrous effortlessness of unifying circuit-, money-, price- and distribution theory," MPRA Paper 31279, University Library of Munich, Germany.
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Cited by:
  1. Kakarot-Handtke, Egmont, 2011. "Increasing returns and stability," MPRA Paper 33133, University Library of Munich, Germany.
  2. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
  3. Kakarot-Handtke, Egmont, 2012. "Taxes, profits, and employment: a structural axiomatic analysis," MPRA Paper 43581, University Library of Munich, Germany.

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