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The role of uncertainty in the unemployment theory of Keynes


  • Nicolas PILUSO



This paper aims at analysing the role of uncertainty in Keynes theory of involuntary unemployment. This concept has no role in the model of Keynes resulting from the neoclassic synthesis: a result of unvoluntary unemployment equilibrium is obtained as to the violation of Walras law. Section 1 shows the gap between Keynes analysis of unemployment and Glustoff's model. It concerns the question of wage flexibility. Section 2 tries to underline that uncertainty has actually a role in the relationship between wage and employment.

Suggested Citation

  • Nicolas PILUSO, 2007. "The role of uncertainty in the unemployment theory of Keynes," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 52, pages 105-114.
  • Handle: RePEc:cpo:journl:y:2007:i:52:p:105-114

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    References listed on IDEAS

    1. Olivier Godard, 1990. "Environnement, modes de coordination et systèmes de légitimité : analyse de la catégorie de patrimoine naturel," Revue Économique, Programme National Persée, vol. 41(2), pages 215-242.
    2. Claude Henry, 1984. "La microéconomie comme langage et enjeu de négociations," Revue Économique, Programme National Persée, vol. 35(1), pages 177-198.
    3. Thierry Hommel & Olivier Godard, 2002. "Trajectoire de contestabilité sociale et production d'OGM à usage agricole," Économie rurale, Programme National Persée, vol. 270(1), pages 36-49.
    4. Driessen, Peter P. J. & Glasbergen, Pieter & Verdaas, Co, 2001. "Interactive policy-making - a model of management for public works," European Journal of Operational Research, Elsevier, vol. 128(2), pages 322-337, January.
    5. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    6. Jean-Charles Hourcade & Emeric Fortin, 2000. "Impact economique des politiques climatiques : des controverses aux enjeux de coordination," Economie Internationale, CEPII research center, issue 82, pages 45-74.
    7. Olivier Barreteau, 2003. "The Joint Use of Role-Playing Games and Models Regarding Negotiation Processes: Characterization of Associations," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 6(2), pages 1-3.
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    Cited by:

    1. Nicolas Piluso & Edwin Le Héron, 2017. "La taxe carbone dans une économie d'inspiration keynésienne," Post-Print hal-01454866, HAL.

    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity


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