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UNEMPLOYMENT: WALRAS’S VOLUNTARY AND KEYNES’S INVOLUNTARY

100%

Davar E.

Equilibrium. Quarterly Journal of Economics and Economic Policy

2016

vol. 11

issue 3

605-629

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 strong-ly 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 be-tween boundary points of the horizontal segment, and the magnitude of involun-tary unemployment is the difference between the right boundary point of the hori-zontal 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.

Marginal Unit vs. Marginal Unit — Some Additional Thoughts on the Differences between Menger, Jevons, and Walras

86%

Machaj M.

Ekonomia. Wrocław Economic Review

2015

vol. 21

issue 4

9-16

Scholars usually trace the basics of the neoclassical theory back to the marginal revolution, in which three great thinkers amended the fundamentals of modern consumer and production theory. Scholars also recognize, however, important differences between those three thinkers’ works — in the nature of the neoclassical framework and its application to the real world, especially in the field of political economy. In this note, we argue that the main difference in these works, not identified in previous publications on the subject of “dehomogenization”, is their understanding of the marginal unit. We demonstrate the relevance of this important difference in the socialist-calculation debate.

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1 Ekonomia. Wrocław Economic Review

1 Equilibrium. Quarterly Journal of Economics and Economic Policy

1 Davar E.

1 Machaj M.

1 2016

1 2015

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UNEMPLOYMENT: WALRAS’S VOLUNTARY AND KEYNES’S INVOLUNTARY

Marginal Unit vs. Marginal Unit — Some Additional Thoughts on the Differences between Menger, Jevons, and Walras