Unemployment, Inflation, and the Job Structure

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Unemployment, Inflation, and the Job Structure

Author Info

James K. Galbraith (The Jerome Levy Economics Institute)

Abstract

In this working paper James K. Galbraith, professor of economics at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, rejects the analytical construct within which many economists currently operate, that is, the construct in which in the extreme macroeconomic behavior is identical to the behavior reflected in microeconomic demand and supply curves. He rejects it on the theoretical and practical grounds that microeconomic categories (supply, demand, price, and quantities) "have little bearing on important policy questions." The markets that have a bearing on policy are either asset markets (for which the rules are dramatically different from those for flow markets) or are not really markets at all but, rather, a set of deeply structural social relations. According to such thinking, microeconomic issues become secondary in the policy arena and macroeconomic policy tools—spending, taxes, incomes policies, and interest rates—take the fore.

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Paper provided by EconWPA in its series Macroeconomics with number 9810003.

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Length: 31 pages
Date of creation: 20 Oct 1998
Date of revision:
Handle: RePEc:wpa:wuwpma:9810003

Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 31; figures: included
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Find related papers by JEL classification:
E - Macroeconomics and Monetary Economics

This paper has been announced in the following NEP Reports:

NEP-ALL-1998-12-09 (All new papers)
NEP-DGE-1998-12-09 (Dynamic General Equilibrium)
NEP-LTV-1999-01-02 (Unemployment, Inequality & Poverty)
NEP-MON-1998-12-09 (Monetary Economics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Adams, Charles & Coe, David T., 1989. "A Systems Approach to Estimating the Natural Rate of Unemployment and Potential Output for the United States," MPRA Paper 8622, University Library of Munich, Germany. [Downloadable!]
Lucas, Robert E, Jr, 1981. "Tobin and Monetarism: A Review Article," Journal of Economic Literature, American Economic Association, vol. 19(2), pages 558-67, June. [Downloadable!] (restricted)
Gordon, David M, 1988. "The Un-natural Rate of Unemployment: An Econometric Critique of the NAIRU Hypothesis," American Economic Review, American Economic Association, vol. 78(2), pages 117-23, May. [Downloadable!] (restricted)
Robert E. Hall, 1970. "Why Is the Unemployment Rate So High at Full Employment?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 1(1970-3), pages 369-410. [Downloadable!]

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