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Recent Developments In The Theory Of Involuntary Unemployment
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Book Synopsis Recent Developments in the Theory of Involuntary Unemployment by : Carl Davidson
Download or read book Recent Developments in the Theory of Involuntary Unemployment written by Carl Davidson and published by W E Upjohn Inst for. This book was released on 1990 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most prominent theories of unemployment that have emerged since 1960 are search, disequilibrium, implicit contracts, efficiency wage, and insider/outsider models. Search models assume that it takes time and effort for employers and potential employees to find each other. A "partial-partial" equilibrium approach focuses on one side of the market. The reservation wage approach focuses on the problem of finding an employer willing to offer adequate compensation. The most promising is the trade friction approach. The fixed price or disequilibrium literature shows that the most effective policy for combating unemployment depends upon which markets are out of equilibrium. Recent work has shown that imperfect competition in a general equilibrium setting may result in "coordination failures." Basic assumptions underlying research in implicit contracts are that contract terms are isolated from market forces and that workers are more averse to risk than employers are. This line of research has encountered difficulties in attempting to explain the coexistence of wage rigidity and unemployment in a contracting framework. The two most promising lines of research in an attempt to explain wage rigidity and unemployment are efficiency wage theory and the insider/outsider theory of unemployment. Two issues remain: empirical verification of critical features of the models and similarities across models. (An index and 176 references are provided.) (YLB)
Book Synopsis Recent Developments in the Theory of Involuntary Unemployment by : Carl Davidson
Download or read book Recent Developments in the Theory of Involuntary Unemployment written by Carl Davidson and published by . This book was released on 1990 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Summarises the following theories of unemployment, which have emerged since the 1960s: search, disequilibrium (i.e. fixed price models), implicit contracts, efficiency wage, and insider/outsider models.
Book Synopsis Involuntary Unemployment by : Michel de Vroey
Download or read book Involuntary Unemployment written by Michel de Vroey and published by Psychology Press. This book was released on 2004 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Depression of the 1930s with its dramatic unemployment rates was one of the most striking economic events of the past century. It shook economists' beliefs in the existence of self-adjusting forces and prompted Keynes to write his masterwork, The General Theory of Employment, Interest and Money. Involuntary unemployment was the central concept of Keynes' book. However, after having been considered the sine qua non of economics for decades, it has gradually disappeared from textbooks and research. This book recounts and ponders this demise, asking whether the abandonment of the concept of involuntary unemployment is the manifestation of some inner defect of recent economic theory or is rather due to some intrinsic weakness of the concept itself, which makes it of little use when it comes to economic theorising. In order to disentangle these issues, the author critically reviews the different explanations of involuntary unemployment that have been offered from Keynes up to the end of the 1980s. After consideringThe General Theory, the author studies the works of pioneering macroeconomists such as Hicks, Modigliani, Lange, Leontief, Tobin, Klein and Hansen. An examination of the 're-appraisal of Keynes' and of the so-called disequilibrium school is followed by a discussion of Friedman's and Lucas' anti-Keynesian attack. The final part of the book investigates a series of models purporting to revive the Keynesian project, namely implicit contract, efficiency wages, insider-outsider, coordination failures, and imperfect competition.
Book Synopsis Involuntary Unemployment by : Michel de Vroey
Download or read book Involuntary Unemployment written by Michel de Vroey and published by Psychology Press. This book was released on 2004 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tackles the issue of involuntary employment, examining the issue in the light of Keynesian and Post-Keynesian theory.
Book Synopsis Involuntary Unemployment by : James Anthony Trevithick
Download or read book Involuntary Unemployment written by James Anthony Trevithick and published by . This book was released on 1992 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: What sense is the student of economics to make of the seemingly irreconcilable positions espoused by rival schools of thought? How will the student be able to form a balanced judgement of the relative merits and demerits of, for example, the Keynesian and the monetarist approaches to macroeconomics? More fundamentally, what is a Keynesian and how does a Keynesian differ from a monetarist or a new classical macroeconomist. J.A. Trevithick provides a fascinating and highly readable account of macroeconomic theory. He places the emphasis squarely on the Keynesian approach, demonstrating clearly the role of earlier authors in Keynes's development of The General Theory. Moreover, he shows how new classical economics is a conscious reaction to the Keynesian approach. He provides a powerful re-statement of the continuance of Keynes's central role in macroeconomics despite many challenges. No-one, from whatever school, will be able to ignore this book.
Book Synopsis The General Theory of Employment, Interest, and Money by : John Maynard Keynes
Download or read book The General Theory of Employment, Interest, and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
Download or read book Involuntary Unemployment written by and published by . This book was released on 2004 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The General Theory of Employment, Interest and Money by : John Maynard Keynes
Download or read book The General Theory of Employment, Interest and Money written by John Maynard Keynes and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Concept and Measurement of Involuntary Unemployment by : George David Norman Worswick
Download or read book The Concept and Measurement of Involuntary Unemployment written by George David Norman Worswick and published by . This book was released on 1976 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph of selected revised conference papers on the measurement of involuntary unemployment in the UK - discusses the development of the job searching theory, methodology for measuring unemployment in the UK and the EC, unemployment statistical tables as economic indicators and social indicators and employment policy and economic policy, etc. Bibliography pp. 314 to 322, diagrams, graphs, references and statistical tables. Conference held in durham 1974 mar.
Download or read book Efficiency Wages written by Andrew Weiss and published by Princeton University Press. This book was released on 2014-07-14 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Known for his seminal work in efficiency-wage theory, Andrew Weiss surveys recent research in the field and presents new results. He shows how wage schedules affect the kinds of workers a firm employs and how well those workers perform on the job. Using straightforward examples, he demonstrates how efficiency-wage theory can explain labor market outcomes and guide government policy. There is a separate section of applications to less developed countries. "Efficiency-wage models represent one of the most important developments in economic theory of recent years. They have, at last, provided integrated explanations both of macroeconomic phenomena, such as unemployment and wage rigidity, and microeconomic phenomena, such as wage dispersion. Weiss--one of the pioneers of efficiency-wage theory--provides here a masterful survey, a lucid and systematic and yet critical account of this rapidly developing branch of economics. This book should be required reading in all courses in macroeconomics."--Joseph Stiglitz, Stanford University "Efficiency Wages should be on the bookshelf of all labor and macroeconomists."--Lawrence H. Summers, Harvard University "A splendid monograph ... most readable... I will put it on my reading list."--Partha Dasgupta, Stanford University Originally published in 1991. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Book Synopsis Structural Slumps by : Edmund S. Phelps
Download or read book Structural Slumps written by Edmund S. Phelps and published by Harvard University Press. This book was released on 1994 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands-some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a "structuralist" theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion. To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees' propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the "incentive wage"--and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path). In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.
Book Synopsis The Theory of Unemployment Reconsidered by : Edmond Malinvaud
Download or read book The Theory of Unemployment Reconsidered written by Edmond Malinvaud and published by New York : Wiley. This book was released on 1977 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Theory of Involuntary Unemployment by : George Akerlof
Download or read book A Theory of Involuntary Unemployment written by George Akerlof and published by . This book was released on 1978 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Theory of Inflation by : Michael Parkin
Download or read book The Theory of Inflation written by Michael Parkin and published by Edward Elgar Publishing. This book was released on 1994 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Theory of Inflation presents in one volume a comprehensive description of the historical inflation record, surveys the current state of knowledge on the fundamental forces that cause inflation and the mechanisms that propagate it, and examines the costs of inflation and the problems of achieving price stability.
Book Synopsis On the Consistency of Economic Models by : Don Patinkin
Download or read book On the Consistency of Economic Models written by Don Patinkin and published by . This book was released on 1947 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis At Last, a Coherent Theory of Involuntary Unemployment by : James Annable
Download or read book At Last, a Coherent Theory of Involuntary Unemployment written by James Annable and published by . This book was released on 2015 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream macro theorists reasonably insist on coherence with mainstream microeconomics. The early Keynesian separation of macro and micro into incompatible systems has long been unacceptable. In pursuit of coherence, modern model-builders work within the common market-centric framework of dynamic stochastic general equilibrium (DSGE). The consensus model class, however, has fundamental problems, most notably including its inability to coherently accommodate involuntary job loss (especially in response to nominal demand disturbances), and consequently cannot be stabilization relevant. The inability of modern theorists to convincingly conjoin coherence and stabilization-relevance has marginalized their thinking, most recently forcing it to the policymaking sidelines during the perilous Great Recession and its aftermath. This paper shows how to restore stabilization relevance without giving up model coherence. The key to that happy outcome is the intuitive generalization of rational labor-related exchange from the marketplace to the large-establishment workplace. Two-venue general equilibrium modeling is an important, sensible innovation, introducing a powerful new frontier to macro analysis and opening up an extensive research agenda. An overview of that agenda is provided.
Book Synopsis An Investigation Into the Theory of Involuntary Unemployment by : Michael Roland Walker
Download or read book An Investigation Into the Theory of Involuntary Unemployment written by Michael Roland Walker and published by . This book was released on 1969 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
