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Employment in the Keynesian and neoliberal universe: theoretical transformations and political correlations

Listed author(s):
  • Ioannidis, Yiorgos

The question this paper poses relates to the role of economic theories in gaining wider support around political agendas. That is their ability to describe a problem in such a way, so that the “answer” would appear not as a political demand in favor of one class, but as a prerequisite for the general well being. The main argument is that in the context of Keynesian economics, labour cost has been set in the periphery of the theory, allowing labour relations to become a subject of social-political regulation. By contrast, neoclassical economic theory and its successors place the cost of labour at the core of the theory, which in turn means that any attempt to regulate labour relations by noneconomic criteria undermines the common wellbeing. Neither the first nor the second theoretical setting predetermines or abolishes class and political conflicts. But they both produce general attitudes with political consequences

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File URL: https://mpra.ub.uni-muenchen.de/45062/1/MPRA_paper_45062.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 45062.

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Date of creation: May 2011
Handle: RePEc:pra:mprapa:45062
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  1. Malcolm Sawyer & David Spencer, 2010. "Labour Supply, Employment and Unemployment in Macroeconomics: A Critical Appraisal of Orthodoxy and a Heterodox Alternative," Review of Political Economy, Taylor & Francis Journals, vol. 22(2), pages 263-279.
  2. Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780199279173.
  3. Harcourt,G. C., 2008. "The Structure of Post-Keynesian Economics," Cambridge Books, Cambridge University Press, number 9780521067539, March.
  4. E. Paul Durrenberger, 2005. "Labour," Chapters,in: A Handbook of Economic Anthropology, chapter 8 Edward Elgar Publishing.
  5. Goulven Rubin, 2005. "Patinkin and the Pigou effect: or how a Keynesian came to accept an anti-Keynesian argument," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(1), pages 47-72.
  6. Andrew Glyn, 1995. "Social Democracy and Full Employment," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 22, pages 109-126.
  7. Bruce E. Kaufman, 2007. "The impossibility of a perfectly competitive labour market," Cambridge Journal of Economics, Oxford University Press, vol. 31(5), pages 775-787, September.
  8. Karanassou, Marika & Snower, Dennis J., 1997. "Is the natural rate a reference point?," European Economic Review, Elsevier, vol. 41(3-5), pages 559-569, April.
  9. George R. Boyer & Robert S. Smith, 2001. "The Development of the Neoclassical Tradition in Labor Economics," ILR Review, Cornell University, ILR School, vol. 54(2), pages 199-223, January.
  10. David A. Spencer, 2006. "Work for all those who want it? Why the neoclassical labour supply curve is an inappropriate foundation for the theory of employment and unemployment," Cambridge Journal of Economics, Oxford University Press, vol. 30(3), pages 459-472, May.
  11. James Forder, 2010. "The historical place of the 'Friedman—Phelps' expectations critique," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(3), pages 493-511.
  12. David A. Spencer, 2004. "Deconstructing The Labour Supply Curve," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 442-458, November.
  13. Altman, Morris, 2001. "A behavioral model of labor supply: casting some light into the black box of income-leisure choice," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 30(3), pages 199-219, May.
  14. Davidson, Paul, 1998. "Post Keynesian Employment Analysis and the Macroeconomics of OECD Unemployment," Economic Journal, Royal Economic Society, vol. 108(448), pages 817-831, May.
  15. David Spencer, 2005. "A question of incentive? Lionel Robbins and Dennis H. Robertson on the nature and determinants of the supply of labour," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(2), pages 261-278.
  16. Edmund S. Phelps, 1968. "Money-Wage Dynamics and Labor-Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 76, pages 678-678.
  17. J. E. King, 2002. "A History of Post Keynesian Economics since 1936," Books, Edward Elgar Publishing, number 2135.
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