IDEAS home Printed from https://ideas.repec.org/a/ids/ijplur/v7y2016i1p45-58.html
   My bibliography  Save this article

Marx-Keynes on involuntary unemployment and alternative labour market indicators

Author

Listed:
  • Hee-Young Shin

Abstract

The paper revisits Marx and Keynes' notion of involuntary unemployment and discusses how to account for this phenomenon by developing a series of alternative labour market indicators. Both Marx and Keynes treated the 'reserve army of labour' or 'involuntary unemployment' phenomenon as a consequence of the long-run capital accumulation and as an inevitable outcome of the deficient decentralised capitalist market economy. The goal of this paper is to survey the latest developments in labour force statistics to see whether a series of alternative indicators of labour markets fare well with Marx and Keynes' analysis of involuntary unemployment. The survey in this paper shows that the labour (under-)utilisation framework that the International Labor Office (ILO) has proposed is one of the broadest measures of labour market performance, and that it allows us to examine the relative size and different type of the presence of the reserve army of labour and involuntary unemployment in our contemporary economies.

Suggested Citation

  • 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.
    • Handle: RePEc:ids:ijplur:v:7:y:2016:i:1:p:45-58
    as

    Download full text from publisher

    File URL: http://www.inderscience.com/link.php?id=76924
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. J. M. Keynes, 1997. "The General Theory of Employment," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 5.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.

    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. IONESCU, Lucian C., 2014. "The Economy Of Indebtedness," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 1(1), pages 19-24.
    2. Alex Izurieta & Pierre Kohler & Juan Pizarro, 2018. "Financialization, Trade, and Investment Agreements: Through the Looking Glass or Through the Realities of Income Distribution and Government Policy?," GDAE Working Papers 18-02, GDAE, Tufts University.
    3. Peter Rodenburg, 2016. "How Full is Full Employment?How Tools and Not Theory Explained Full Employment," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2016(2), pages 5-25.
    4. Daniel Haim, 2021. "What Jobs Should a Public Job Guarantee Provide?: Lessons from Hyman P. Minsky," Economics Working Paper Archive wp_981, Levy Economics Institute.
    5. Annina Kaltenbrunner & Machiko Nissanke, 2009. "The Case for an Intermediate Exchange Rate Regime with Endogenizing Market Structures and Capital Mobility: The Empirical Study of Brazil," WIDER Working Paper Series RP2009-29, World Institute for Development Economic Research (UNU-WIDER).
    6. Sarah Bracking, 2003. "Regulating Capital in Accumulation: Negotiating the Imperial 'Frontier'," Review of African Political Economy, Taylor & Francis Journals, vol. 30(95), pages 11-32, March.
    7. van den Hauwe, Ludwig, 2006. "The Uneasy Case for Fractional-Reserve Free Banking," MPRA Paper 120, University Library of Munich, Germany.
    8. Cordelius Ilgmann & Martin Menner, 2011. "Negative nominal interest rates: history and current proposals," International Economics and Economic Policy, Springer, vol. 8(4), pages 383-405, December.
    9. Antonios Antoniou & Emilios C. Galariotis & Spyros I. Spyrou, 2006. "Short‐term Contrarian Strategies in the London Stock Exchange: Are They Profitable? Which Factors Affect Them?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(5‐6), pages 839-867, June.
    10. Tarrazo, Manuel, 2018. "Piketty’s Capital in the 21st Century and modern finance: The other [r−g] relationship," The Quarterly Review of Economics and Finance, Elsevier, vol. 67(C), pages 162-174.
    11. Baugh, Brian & Ben-David, Itzhak & Park, Hoonsuk, 2013. "Disentangling Financial Constraints, Precautionary Savings, and Myopia: Household Behavior Surrounding Federal Tax Returns," Working Paper Series 2013-20, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    12. Telyukova, Irina A. & Visschers, Ludo, 2009. "Precautionary Demand for Money in a Monetary Business Cycle Model," MPRA Paper 15622, University Library of Munich, Germany.
    13. Philip Du Caju & Erwan Gautier & Daphne Momferatu & Melanie Ward-Warmedinger, 2009. "Institutional Features of Wage Bargaining in 23 European Countries, the US and Japan," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 12(2), pages 57-108, Winter.
    14. Fabian Lindner, 2012. "Saving does not finance Investment: Accounting as an indispensableguide to economic theory," IMK Working Paper 100-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    15. Richard, Jacques, 2015. "The dangerous dynamics of modern capitalism (from static to IFRS’ futuristic accounting)," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 30(C), pages 9-34.
    16. Jiří Štekláč & Vladimír Štípek, 2017. "Smoothing Out The Credit Cycle Under The Conditions Of Current Credit Economy," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 11(1), pages 526-546.
    17. Maria N. Ivanova, 2020. "Marx’s Theory of Money: A Reappraisal in the Light of Unconventional Monetary Policy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(1), pages 137-151, March.
    18. Bernhard Schütz, 2018. "Employment and the minimum wage: A pluralist approach," Economics working papers 2018-07, Department of Economics, Johannes Kepler University Linz, Austria.
    19. Miguel D. Ramirez, 2020. "Capital as a social process: A Marxian perspective," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 9(1), pages 41-71.
    20. Masuda, Kazuto, 2024. "The Special Theory of Employment, Exchange Rate, and Money With the Focus on Inflation and Technological Progress," SocArXiv nxshd, Center for Open Science.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    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:ids:ijplur:v:7:y:2016:i:1:p:45-58. 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: Sarah Parker (email available below). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=319 .

    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.