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Employment and Unemployment

In: Understanding Keynes’ General Theory

Author

Listed:
  • Brendan Sheehan

    (Leeds Metropolitan University)

Abstract

This chapter brings together a range of themes about employment and unemployment in the General Theory model. First the chapter focuses directly on the relationship in the General Theory model between the key independent variable of aggregate effective demand and the main dependent variable of employment. This can be represented by what Keynes calls an employment function, which is strongly related to the aggregate supply function outlined in Chapter 3. The employment function allows Keynes to define different equilibrium volumes of employment generated by different levels of effective demand; it can additionally be used to define a full employment position free from reliance on the classical postulates.

Suggested Citation

  • Brendan Sheehan, 2009. "Employment and Unemployment," Palgrave Macmillan Books, in: Understanding Keynes’ General Theory, chapter 11, pages 212-231, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23285-3_11
    DOI: 10.1057/9780230232853_11
    as

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