Author: De Vroey, Michel

Source: Cambridge Journal of Economics, Volume 30, Number 3, May 2006 , pp. 479-482(4)

Publisher: Oxford University Press

Abstract:

In this response to Mark Hayes's criticism of his article, `Lucas on involuntary unemployment', the author insists on the need to draw a distinction between labour rationing (a market outcome) and unemployment (the activity of job seeking). Economic theory is mainly concerned with the former. Yet the issue of the voluntarity versus the involuntarity of unemployment pertains to unemployment as an activity. Failing to make this distinction cannot but lead to semantic confusion.

Keywords: Keynes; Lucas; Involuntary unemployment

Document Type: Research article

DOI: http://dx.doi.org/10.1093/cje/bel008

Publication date: 2006-05-01

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• The Cambridge Journal of Economics, founded in 1977 in the traditions of Marx, Keynes, Kalecki, Joan Robinson and Kaldor, provides a forum for theoretical, applied, policy and methodological research into social and economic issues.

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