Unemployment, capital accumulation and labour market institutions in the Great Recession

Artikel

This paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run, the private effective labour demand need not be downward sloping because of debt deflation and wage-led demand regimes. In the medium run, the NAIRU will be endogenous because of the social norm character of wage setting and the supply-side effects of capital accumulation. Capital investment rather than labour market institutions is the crucial variable that explains changes in unemployment performance. We provide econometric evidence that the post-Keynesian view holds up well in the recession following the crisis of 2008.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 11 ; Year: 2014 ; Issue: 2 ; Pages: 182-194

Classification and Topics

• Classification: Wirtschaft ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Aggregate Factor Income Distribution
• Subject: unemployment ; NAIRU ; post-Keynesian Economics ; panel analysis

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Stockhammer, Engelbert ; Guschanski, Alexander ; Köhler, Karsten
• Event: Veröffentlichung
• (who): Edward Elgar Publishing
• (where): Cheltenham
• (when): 2014

Further information

• DOI: doi:10.4337/ejeep.2014.02.05
• Handle: http://hdl.handle.net/10419/277302
• Last update: 10.03.2025, 11:45 AM CET