Is Keynes's involuntary unemployment only cyclical? A review of the debates on the formalization of Keynesian unemployment[Le chômage involontaire de Keynes n’est-il que conjoncturel ? Un retour sur les débats autour de la formalisation du chômage keynésien]

In this article, we set out to demonstrate that the idea commonly found in macroeconomics textbooks that Keynesian unemployment is simply cyclical, is fallacious. After highlighting the shortcomings of traditional interpretations that confine Keynesian unemployment to a short-run perspective, we show that several types of macroeconomic models exhibit involuntary unemployment equilibria over the long run. In particular, it will be shown that there are many cases where full employment may not be achieved despite price and wage flexibility.