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From Labor Rationing to (Involuntary) Unemployment: A Conceptual Elucidation

  • Michel De Vroey

    ()

    (Department of Economics, Universite Catholique de Louvain)

This article argues in favor of drawing a distinction between the concepts of labor rationing and unemployment. Labor rationing refers to the occurrence of excess supply in a given labor market and unemployment to the job searching activity. The former, it will be argued, is a necessary yet insufficient condition for the latter. Lucas' view that the involuntary unemployment concept is meaningless will be challenged. A series of concepts and definitions will be put forward to allow singling out of the conditions under which labor rationing can result in involuntary unemployment.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume25/V25N3P315_330.pdf
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Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 25 (1999)
Issue (Month): 3 (Summer)
Pages: 315-330

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Handle: RePEc:eej:eeconj:v:25:y:1999:i:3:p:315-330
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