IDEAS home Printed from https://ideas.repec.org/a/awu/journl/v15y2021i1p69-91.html
   My bibliography  Save this article

Investigating the Greek Unemployment from a Classical Perspective

Author

Listed:
  • Alex Gymnopoulos

    (Aristotle University of Thessaloniki)

  • Thanos Poulakis

    (Aristotle University of Thessaloniki)

  • Haris Poulakis

    (Aristotle University of Thessaloniki)

  • Nikolaos Chatzarakis

    (Aristotle University of Thessaloniki)

Abstract

This paper addresses the issue of unemployment in Greek economy from a Marxist perspective. Specifically, we focus on analysing the structure of the Greek labour market with respect to the results of the memoranda and their relation to the current phase of capital accumulation. Rejecting the orthodox approaches to measuring and analysing unemployment, we first turn our focus to three indicators that are proposed by the BLS, calculating them in the case of the Greek labour market. Then, the three categories of stagnant, conjectural and latent reserve army are presented and respective unemployment rates are calculated for the Greek economy. Our conclusion is that the Marxian categories, not only capture the real dimension and size of the labour market, but they also contain information about changes in the labour force, that are not easily considered through the official indices.

Suggested Citation

  • Alex Gymnopoulos & Thanos Poulakis & Haris Poulakis & Nikolaos Chatzarakis, 2021. "Investigating the Greek Unemployment from a Classical Perspective," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(1), pages 69-91, June.
    • Handle: RePEc:awu:journl:v:15:y:2021:i:1:p:69-91
    as

    Download full text from publisher

    File URL: https://serialsjournals.com/abstract/42929_3-gymnopoulosbope2021.pdf
    Download Restriction: no
    File URL: https://www.bulletinofpe.com/alex-gymnopoulos-thanos-poulakis-haris-poulakis-nikolaos-th-c-20211
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Michel De Vroey, 2004. "Lucas on involuntary unemployment," Cambridge Journal of Economics, Oxford University Press, vol. 28(3), pages 397-411, May.
    2. Lorenzo E Bernal-Verdugo & Davide Furceri & Dominique Guillaume, 2012. "Labor Market Flexibility and Unemployment: New Empirical Evidence of Static and Dynamic Effects," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 54(2), pages 251-273, June.
    3. Reder, M W, 1969. "The Theory of Frictional Unemployment," Economica, London School of Economics and Political Science, vol. 36(141), pages 1-28, February.
    4. Lefteris Tsoulfidis & Persefoni Tsaliki, 2014. "Unproductive labour, capital accumulation and profitability crisis in the Greek economy," International Review of Applied Economics, Taylor & Francis Journals, vol. 28(5), pages 562-585, September.
    5. Maria Karamessini & Franciscos Koutentakis, 2014. "Labour market flows and unemployment dynamics by sex in Greece during the crisis," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(2), pages 215-239.
    6. Lefteris Tsoulfidis & Persefoni Tsaliki, 2019. "Classical Political Economics and Modern Capitalism," Springer Books, Springer, number 978-3-030-17967-0, June.
    7. Lopez, Claude & Papell, David H., 2012. "Convergence of Euro area inflation rates," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1440-1458.
    8. Summers, Lawrence H, 1988. "Relative Wages, Efficiency Wages, and Keynesian Unemployment," American Economic Review, American Economic Association, vol. 78(2), pages 383-388, May.
    9. Borowczyk-Martins, Daniel & Lalé, Etienne, 2020. "The ins and outs of involuntary part-time employment," Labour Economics, Elsevier, vol. 67(C).
    10. Shaikh, Anwar, 2016. "Capitalism: Competition, Conflict, Crises," OUP Catalogue, Oxford University Press, number 9780199390632, Decembrie.
    11. Peter Diamond, 2013. "Cyclical Unemployment, Structural Unemployment," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 61(3), pages 410-455, August.
    12. Constantinos Alexiou & Persefoni Tsaliki, 2009. "Unemployment Revisited: Empirical Evidence from 20 OECD Countries," Contributions to Political Economy, Oxford University Press, vol. 28(1), pages 23-34.
    13. Bas Weel, 2018. "The Rise of Temporary Work in Europe," De Economist, Springer, vol. 166(4), pages 397-401, December.
    14. Sergio Destefanis & Giuseppe Mastromatteo, 2010. "Labour‐market performance in the OECD: some recent cross‐country evidence," International Journal of Manpower, Emerald Group Publishing Limited, vol. 31(7), pages 713-731, October.
    15. Andros Gregoriou & Alexandros Kontonikas & Alberto Montagnoli, 2011. "Euro Area Inflation Differentials: Unit Roots and Nonlinear Adjustment," Journal of Common Market Studies, Wiley Blackwell, vol. 49(3), pages 525-540, May.
    16. Robert G. Valletta & Catherine van der List, 2015. "Involuntary part-time work: here to stay?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    17. Emiliano Brancaccio & Fabiana De Cristofaro & Raffaele Giammetti, 2020. "A Meta-analysis on Labour Market Deregulations and Employment Performance: No Consensus Around the IMF-OECD Consensus," Review of Political Economy, Taylor & Francis Journals, vol. 32(1), pages 1-21, July.
    18. Gerry Rodgers, 2007. "Labour Market Flexibility and Decent Work," Working Papers 47, United Nations, Department of Economics and Social Affairs.
    19. Robert VERGEER & Alfred KLEINKNECHT, 2014. "Do labour market reforms reduce labour productivity growth? A panel data analysis of 20 OECD countries (1960–2004)," International Labour Review, International Labour Organization, vol. 153(3), pages 365-393, September.
    20. Apergis, Nicholas, 2005. "An estimation of the natural rate of unemployment in Greece," Journal of Policy Modeling, Elsevier, vol. 27(1), pages 91-99, February.
    21. Marco A. Espinosa-Vega & Steven Russell, 1997. "History and theory of the NAIRU: a critical review," Economic Review, Federal Reserve Bank of Atlanta, vol. 82(Q 2), pages 4-25.
    22. Hee-Young Shin, 2016. "Marx-Keynes on involuntary unemployment and alternative labour market indicators," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 7(1), pages 45-58.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ángel L. Martín‐Román & Jaime Cuéllar‐Martín & Alfonso Moral, 2023. "Natural and cyclical unemployment: A stochastic frontier decomposition and economic policy implications," Bulletin of Economic Research, Wiley Blackwell, vol. 75(1), pages 5-39, January.
    2. Nikolaos, Chatzarakis & Tsaliki, Persefoni, 2021. "The dynamics of capital accumulation in Marx and Solow," Structural Change and Economic Dynamics, Elsevier, vol. 57(C), pages 148-158.
    3. Pablo Agnese & Pablo Salvador, 2012. "More alike than different: the Spanish and Irish labour markets before and after the crisis," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 1(1), pages 1-24, December.
    4. Boundi-Chraki, Fahd & Perrotini-Hernández, Ignacio, 2021. "Absolute cost advantage and sectoral competitiveness: Empirical evidence from NAFTA and the European Union," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 162-173.
    5. Oberholzer, Basil, 2023. "Post-growth transition, working time reduction, and the question of profits," Ecological Economics, Elsevier, vol. 206(C).
    6. Christos Pierros, 2021. "Assessing the internal devaluation policy implemented in Greece in an empirical stock‐flow consistent model," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 905-943, November.
    7. Juan Carlos Cuestas & Luis A. Gil-Alana & Karl Taylor, 2016. "Inflation convergence in Central and Eastern Europe vs. the Eurozone: Non-linearities and long memory," Scottish Journal of Political Economy, Scottish Economic Society, vol. 63(5), pages 519-538, November.
    8. Josef C Brada & Marcello Signorelli, 2012. "Comparing Labor Market Performance: Some Stylized Facts and Key Findings," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 54(2), pages 231-250, June.
    9. Cajas-Guijarro, John & Pérez-Almeida, Bryan, 2021. "Comercio, sobreexplotación laboral y ciclos en la periferia: una propuesta teórica y el caso ecuatoriano desde un modelo PVAR. || Trade, super-exploitation of labor power and cycles in the periphery: ," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 31(1), pages 161-197, June.
    10. Dal Bianco, Silvia & Bruno, Randolph L. & Signorelli, Marcello, 2015. "The joint impact of labour policies and the “Great Recession” on unemployment in Europe," Economic Systems, Elsevier, vol. 39(1), pages 3-26.
    11. Tsoulfidis, Lefteris & Tsimis, Achilleas & Paitaridis, Dimitris, 2018. "The Rise and Fall of Unproductive Activities in the US Economy 1964-2015: Facts, Theory and Empirical Evidence," MPRA Paper 84035, University Library of Munich, Germany.
    12. G. S. F. Bruno & M. T. Choudhry & E. Marelli & M. Signorelli, 2014. "Youth Unemployment: Key Determinants and the Impact of Crises," AIEL Series in Labour Economics, in: Miguel Ángel Malo & Dario Sciulli (ed.), Disadvantaged Workers, edition 127, chapter 0, pages 121-148, Springer.
    13. Nikolaos Th. Chatzarakis, 2021. "Revisiting the role and consequences of Econophysics from a Marxian perspective," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(1), pages 45-68, June.
    14. Fletcher Baragar, 2020. "Books Received (as of Winter/Spring 2020)," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(1), pages 175-179, March.
    15. Tsoulfidis, Lefteris & Papageorgiou, Aris, 2017. "The Recurrence of Long Cycles: Theories, Stylized Facts and Figures," MPRA Paper 82853, University Library of Munich, Germany, revised 11 Nov 2017.
    16. Fernando Almeida & Nelson Amoedo, 2021. "Exploring the association between R&D expenditure and the job quality in the European Union," Papers 2101.03214, arXiv.org.
    17. Congregado, Emilio & Garcia-Clemente, Javier & Rubino, Nicola & Vilchez, Inmaculada, 2023. "Testing hysteresis for the US and UK involuntary part-time employment," MPRA Paper 118115, University Library of Munich, Germany.
    18. Aycan HEPSAG, 2017. "Inflation convergence among the next eleven economies: Evidence from asymmetric nonlinear unit root test," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(613), W), pages 43-52, Winter.
    19. Enrico Marelli & Misbah T. Choudhry & Marcello Signorelli, 2013. "Youth and total unemployment rate: the impact of policies and institutions," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 121(1), pages 63-86.
    20. Chatzarakis, Nikolaos & Tsaliki, Persefoni, 2022. "Harrodian Instability: A Marxian Perspective," MPRA Paper 113852, University Library of Munich, Germany.

    More about this item

    Keywords

    Stagnant Unemployment; Conjectural Unemployment; Latent Unemployment; Reserve Army of Labour;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • J82 - Labor and Demographic Economics - - Labor Standards - - - Labor Force Composition
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:awu:journl:v:15:y:2021:i:1:p:69-91. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Maria Cristina Barbieri Goes (email available below). General contact details of provider: https://www.bulletinofpe.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.