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2016 | 11 | nr 3 | 605--629
Tytuł artykułu

Unemployment : Walras's Voluntary and Keynes's Involuntary

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This paper shows that Keynes's involuntary unemployment derives from Walras's voluntary unemployment by means of changing the characteristic of the aggregate supply curve (function) of labour. On the one hand, when the original aggregate supply function is a strongly increasing function, as in Walras's approach, there might only be voluntary unemployment, and its magnitude is the difference between the available quantity of labour and the equilibrium point. On the other hand, if the supply curve of labour is a weakly increasing one, which means that the supply function may have a horizontal segment, then there might be involuntary unemployment if the equilibrium point is located between boundary points of the horizontal segment, and the magnitude of involuntary unemployment is the difference between the right boundary point of the horizontal segment and an equilibrium point. According to Walras's approach, "forced unemployment" might also might be considered, which is the result of the intervention of external forces (government, monopoly, trade unions, and so on) into the market, and is therefore a disequilibrium phenomenon. Finally, in reality there are many types of labour, hence a suggested comprehensive approach of employment might be a useful tool for policy-making and the planning of economics. (original abstract)
Czasopismo
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Tom
11
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605--629
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Bibliografia
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Bibliografia
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