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Lucas on involuntary unemployment

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  • Michel De Vroey

Abstract

The aim of this paper is to examine critically Lucas' arguments against Keynes's General Theory and in particular against Keynes's concept of involuntary unemployment. It comprises two main parts. In the first part of the paper, the author questions Lucas's claim that Keynes betrayed the equilibrium discipline by freeing himself from the postulates of optimising behaviour and market clearing. In the second part, Lucas' three arguments against the involuntary unemployment concept are discussed--first, that there is no rationale for drawing a distinction between two sorts of unemployment; second, that every economic outcome features the voluntary and the involuntary jointly; and third, that alternatives to unemployment are always present. Copyright 2004, Oxford University Press.

Suggested Citation

  • Michel De Vroey, 2004. "Lucas on involuntary unemployment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(3), pages 397-411, May.
    • Handle: RePEc:oup:cambje:v:28:y:2004:i:3:p:397-411
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    File URL: http://hdl.handle.net/10.1093/cje/beh010
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    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.
    2. Michel De Vroey, 2007. "Did The Market‐Clearing Postulate Pre‐Exist New Classical Economics? The Case Of Marshallian Theory," Manchester School, University of Manchester, vol. 75(3), pages 328-348, June.
    3. John S.L. McCombie & Ioana Negru, 2014. "On economic paradigms, rhetoric and the micro-foundations of macroeconomics," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(1), pages 53-66, April.

    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; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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