Keynes, Cambridge, and the New Keynesian Economics

摘要: There is something very basic and relevant about the phenomenon Keynes labeled “involuntary unemployment.” Modern industrial economies exhibit recurrent episodes of insufficient employment opportunities for all available workforce. These workers lose (as opposed to giving up) general systemic reasons that generate less than sufficient demand in aggregate keep workforce employed. This irrespective (and not contradiction with) existence unemployment due other causes, such as search activity shifting sectoral allocations. To man on street these are “hard times,” where more people “out work,” they clearly visible episodes.