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Unemployment after Keynes : towards a new general theory

Author: John Hudson
Publisher: Hemel Hempstead, Hertfordshire : Harvester/Wheatsheaf ; New York : St. Martin's Press, 1988.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
This pathbreaking book fundamentally redirects macroeconomic theory and offers new innovative measures for reducing unemployment. John Hudson argues that a genuine thoery of effective supply must be added to Keynes' theory of effective demand. It is no use boosting demand in a recession if firms no longer have the capacity to meet the increase. This is illustrated by modelling dynamically a complete economy,  Read more...
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Document Type: Book
All Authors / Contributors: John Hudson
ISBN: 031202388X 9780312023881 0745002935 9780745002934 0745000940 9780745000947
OCLC Number: 18019022
Description: xi, 248 pages : illustrations ; 23 cm
Responsibility: John Hudson.

Abstract:

This pathbreaking book fundamentally redirects macroeconomic theory and offers new innovative measures for reducing unemployment. John Hudson argues that a genuine thoery of effective supply must be added to Keynes' theory of effective demand. It is no use boosting demand in a recession if firms no longer have the capacity to meet the increase. This is illustrated by modelling dynamically a complete economy, including the actions of more than a thousand individual consumers and workers and fifty firms. The policy conclusions are controversial. John Hudson stresses the need to retain produtive capacity in a recession, even if this means subsidising loss-making industries, and to expand both effective supply and demand as the recession drwas to a close. This exciting and original book will be essential reading for courses on labour economics and macro-economic theory.

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