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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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Unemployment and the Market Mechanism

Unemployment and the Market Mechanism

Chapter:
(p.251) 12 Unemployment and the Market Mechanism
Source:
The Fall and Rise of Keynesian Economics
Author(s):

John Eatwell

Murray Milgate

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199777693.003.0012

This chapter analyzes the level of unemployment in a market economy and classifies the debates of the orthodox market-mechanism group with imperfectionists on the problem of unemployment. It begins by examining various interpretations of the notion of a self-adjusting market with respect to John Maynard Keynes’ own view of the market mechanism, followed by a description of the imperfectionist argument that implies unemployment is attributed to rigid or sticky money wages. The chapter concludes with a consideration of the debate over the natural rate/rational expectations hypothesis, in which the theoretical poverty of the imperfectionist position is revealed.

Keywords:   market economy, orthodox market-mechanism group, imperfectionists, unemployment, self-adjusting market, John Maynard Keynes, sticky money wages

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