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| Author: | Davidson, P. |
| Title: | Post Keynesian employment analysis and the macroeconomics of OECD unemployment |
| Journal: | Economic Journal
1998 : MAY, VOL. 108:448, p. 817-831 |
| Index terms: | MACROECONOMICS UNEMPLOYMENT OECD |
| Language: | eng |
| Abstract: | The author provides a post-Keynesian explanation for persistent high unemployment rates experienced by OECD nations since 1973. Second, so that the reader can comprehend why this explanation differs from that of NARU proponents, it is necessary to explore the logical difference between Keynes's effective demand equilibrium model and the more restrictive axiomatic system underlying the natural unemployment rate concept. Section 3 demonstrates that natural rate explanations of unemployment involve what Keynes (1936a, p.259) called ignoratio elenchi, i.e., the fallacy of offering proof irrelevant to the proposition in question. |
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