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Cambridge Journal of Economics Advance Access originally published online on March 22, 2006
Cambridge Journal of Economics 2006 30(3):479-482; doi:10.1093/cje/bel008
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Notes and Comments

Keynes, Lucas and involuntary unemployment: a reply to Hayes

Michel De Vroey*

* Université Catholique de Louvain

Address for correspondence: Université Catholique de Louvain, Département des Sciences Economiques, 3 Place Montesquieu, 1348 Louvain-La-Neuve, Belgium; email: devroey{at}ires.ucl.ac.be

Abstract

In this response to Mark Hayes's criticism of his article, ‘Lucas on involuntary unemployment’, the author insists on the need to draw a distinction between labour rationing (a market outcome) and unemployment (the activity of job seeking). Economic theory is mainly concerned with the former. Yet the issue of the voluntarity versus the involuntarity of unemployment pertains to unemployment as an activity. Failing to make this distinction cannot but lead to semantic confusion.

Key Words: Keynes • Lucas • Involuntary unemployment

JEL classifications: B22, E12, E13

Manuscript received December 1, 2005.


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