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Real Wages and Unemployment with Effective and Notional Demand for Labor

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  • Marc Lavoie

Abstract

The article presents the concepts of notional and effective demand for labor within the usual real wage and employment space. Its purpose is to compare various employment models within a single and familiar heuristic framework, taking into account both the profit maximization hypothesis and the effective demand principle. This framework retains the assumption of decreasing returns but adds the impact of income distribution on effective demand through consumption demand.

Suggested Citation

  • Marc Lavoie, 2003. "Real Wages and Unemployment with Effective and Notional Demand for Labor," Review of Radical Political Economics, Union for Radical Political Economics, vol. 35(2), pages 166-182, June.
    • Handle: RePEc:sae:reorpe:v:35:y:2003:i:2:p:166-182
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    Cited by:

    1. Jochen Hartwig, 2006. "Explaining the aggregate price level with Keynes's principle of effective demand," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 469-492.
    2. Jochen Hartwig, 2011. "Aggregate Demand and Aggregate Supply: Will the Real Keynes Please Stand Up?," Review of Political Economy, Taylor & Francis Journals, vol. 23(4), pages 613-618, October.
    3. Jochen Hartwig, 2017. "The Comparative Statics of Effective Demand," Review of Political Economy, Taylor & Francis Journals, vol. 29(3), pages 360-375, July.
    4. Engelbert Stockhammer, 2015. "Wage-led versus profit-led demand: What have we learned? A Kalecki-Minsky view," Working Papers PKWP1512, Post Keynesian Economics Society (PKES).
    5. Engelbert Stockhammer & Ozlem Onaran, 2013. "Wage-led growth: theory, evidence, policy," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(1), pages 61-78, January.
    6. Engelbert Stockhammer & Alexander Guschanski & Karsten Köhler, 2014. "Unemployment, capital accumulation and labour market institutions in the Great Recession," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 182-194, September.
    7. Corrado Andini, 2009. "Teaching Keynes’s Principle of Effective Demand within the Real Wage vs. Employment Space," Forum for Social Economics, Taylor & Francis Journals, vol. 38(2-3), pages 209-228, January.
    8. Jochen Hartwig, 2009. "D and Z in ROPE," KOF Working papers 09-243, KOF Swiss Economic Institute, ETH Zurich.

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