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Does Labour Market Rationing Entail (Involuntary) Unemployment ?

Author

Listed:
  • De Vroey, M.

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

This article argues in favor of drawing a distinction between the concepts of labour rationing and unemployment, the former referring to the occurrence of excess supply in a given labour market, the latter to job-waiting activity. In a first part, the literature on the possible consequences of labour rationing is surveyed. In a second part, a series of concepts and definitions which enable to single out the conditions under which labour rationing can result in involuntary unemployment, are put forward. Lucas’ widely accepted view that some job alternatives are always available will thereby be challenged. In part three, the relationship between labour rationing and (involuntary) unemployment is examined in the context of three regimes, a "Walrasian", a "Smithian" and a "Keynesian economy".

Suggested Citation

  • De Vroey, M., 1994. "Does Labour Market Rationing Entail (Involuntary) Unemployment ?," LIDAM Discussion Papers IRES 1994021, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvir:1994021
    as

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    More about this item

    Keywords

    employment; unemployment; wages;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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