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Is Keynes's involuntary unemployment only cyclical? A review of the debates on the formalization of Keynesian unemployment
[Le chômage involontaire de Keynes n’est-il que conjoncturel ? Un retour sur les débats autour de la formalisation du chômage keynésien]

Author

Listed:
  • Nicolas Piluso

    (CERTOP - Centre d'Etude et de Recherche Travail Organisation Pouvoir - UT2J - Université Toulouse - Jean Jaurès - UT - Université de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique, IUT Paul Sabatier - Institut Universitaire de Technologie - Paul Sabatier - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse)

  • E. Le Héron

    (CED - Centre Émile Durkheim - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)

  • Edouard Cottin-Euziol

    (LC2S - Laboratoire caribéen de sciences sociales - CNRS - Centre National de la Recherche Scientifique - UA - Université des Antilles)

Abstract

In this article, we set out to demonstrate that the idea commonly found in macroeconomics textbooks that Keynesian unemployment is simply cyclical, is fallacious. After highlighting the shortcomings of traditional interpretations that confine Keynesian unemployment to a short-run perspective, we show that several types of macroeconomic models exhibit involuntary unemployment equilibria over the long run. In particular, it will be shown that there are many cases where full employment may not be achieved despite price and wage flexibility.

Suggested Citation

  • Nicolas Piluso & E. Le Héron & Edouard Cottin-Euziol, 2022. "Is Keynes's involuntary unemployment only cyclical? A review of the debates on the formalization of Keynesian unemployment [Le chômage involontaire de Keynes n’est-il que conjoncturel ? Un retour s," Post-Print hal-03826068, HAL.
    • Handle: RePEc:hal:journl:hal-03826068
    DOI: 10.4000/interventionseconomiques.19694
    Note: View the original document on HAL open archive server: https://hal.science/hal-03826068v2
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    References listed on IDEAS

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    More about this item

    Keywords

    Involuntary unemployment; Wage flexibility; Growth; SFC models; Chômage involontaire; Flexibilité des salaires; Croissance; Modèles SFC;
    All these keywords.

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