Unemployment out of nowhere
Unemployment is usually explained with reference to the equilibrium of supply and demand in the labour market. This approach rests on specific behavioral assumptions that are formally expressed as axioms. The standard set of axioms is replaced in the present paper by a set of structural axioms. This approach yields the objective determinants of employment. They consist of effective demand, the actual outcome of price formation, structural stress as determined by the heterogeneity within the business sector and the income distribution. Sudden changes of employment are effected by latent relative switchers that are hard to spot empirically.
|Date of creation:||14 Jul 2011|
|Date of revision:||15 Jul 2011|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kakarot-Handtke, Egmont, 2011. "The wondrous effortlessness of unifying circuit-, money-, price- and distribution theory," MPRA Paper 31279, University Library of Munich, Germany.
- Kakarot-Handtke, Egmont, 2011. "The pure logic of value, profit, interest," MPRA Paper 30853, University Library of Munich, Germany.
- Axel Leijonhufvud, 2009. "Out of the corridor: Keynes and the crisis," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 741-757, July.
- Kakarot-Handtke, Egmont, 2011.
"Keynes’s missing axioms,"
32742, University Library of Munich, Germany, revised 11 Aug 2011.
- repec:cup:cbooks:9780521002882 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:32257. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.