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Unemployment, Inflation, and the Job Structure

  • James K. Galbraith

    (The Jerome Levy Economics Institute)

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    In this working paper James K. Galbraith, professor of economics at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, rejects the analytical construct within which many economists currently operate, that is, the construct in which in the extreme macroeconomic behavior is identical to the behavior reflected in microeconomic demand and supply curves. He rejects it on the theoretical and practical grounds that microeconomic categories (supply, demand, price, and quantities) "have little bearing on important policy questions." The markets that have a bearing on policy are either asset markets (for which the rules are dramatically different from those for flow markets) or are not really markets at all but, rather, a set of deeply structural social relations. According to such thinking, microeconomic issues become secondary in the policy arena and macroeconomic policy tools—spending, taxes, incomes policies, and interest rates—take the fore.

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    File URL: http://econwpa.repec.org/eps/mac/papers/9810/9810003.pdf
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    Paper provided by EconWPA in its series Macroeconomics with number 9810003.

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    Length: 31 pages
    Date of creation: 20 Oct 1998
    Date of revision:
    Handle: RePEc:wpa:wuwpma:9810003
    Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 31; figures: included
    Contact details of provider: Web page: http://econwpa.repec.org

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    1. Stephen Nickell & D Nicolitsas, 1994. "Wages," CEP Discussion Papers dp0219, Centre for Economic Performance, LSE.
    2. Robert E. Hall, 1970. "Why Is the Unemployment Rate So High at Full Employment?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 1(3), pages 369-410.
    3. Rod Cross, 2000. "Hysteresis and Emu," Metroeconomica, Wiley Blackwell, vol. 51(4), pages 367-379, November.
    4. Adams, Charles & Coe, David T., 1989. "A Systems Approach to Estimating the Natural Rate of Unemployment and Potential Output for the United States," MPRA Paper 8622, University Library of Munich, Germany.
    5. Gordon, David M, 1988. "The Un-natural Rate of Unemployment: An Econometric Critique of the NAIRU Hypothesis," American Economic Review, American Economic Association, vol. 78(2), pages 117-23, May.
    6. Lucas, Robert E, Jr, 1981. "Tobin and Monetarism: A Review Article," Journal of Economic Literature, American Economic Association, vol. 19(2), pages 558-67, June.
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