[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/oup/cambje/v30y2006i3p473-477.html
   My bibliography  Save this article

Comment: Lucas on involuntary unemployment

Author

Listed:
  • M. G. Hayes
Abstract
Keynes distinguishes three concepts: voluntary, frictional and (Keynesian) involuntary unemployment. Frictional unemployment is a Classical form of involuntary unemployment (not voluntary, as Lucas suggests), and reflects the Marshallian, rather than Walrasian, treatment of time and equilibrium. Lucas contradicts both Keynes and Pigou in asserting that there are always immediate vacancies for unskilled labour, and abstracts from the very problem that Keynes seeks to address. If voluntary unemployment is re-defined appropriately, as De Vroey helpfully suggests elsewhere, the prefix 'involuntary' is dispensable, not because all unemployment is voluntary, as Lucas would have it, but because it is all involuntary. Copyright 2006, Oxford University Press.

Suggested Citation

  • M. G. Hayes, 2006. "Comment: Lucas on involuntary unemployment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(3), pages 473-477, May.
    • Handle: RePEc:oup:cambje:v:30:y:2006:i:3:p:473-477
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cje/bel007
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:30:y:2006:i:3:p:473-477. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cje .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.