Involuntary unemployment in circuit theories: history, comparison and topicality of analyses
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TexteLangue : français Détails de publication : 2022.
Sujet(s) : Ressources en ligne : Abrégé : It was following Keynes’ work that the theory of the circuit in which money circulates between banks, companies and households was developed. In this circuit, involuntary unemployment is explained by excessive hoarding and/or excessive indebtedness of firms. The five logical criticisms that can be addressed to this theoretical construction, however, invite us to turn to another theory of circuit, the theory of instantaneous circuits proposed by Bernard Schmitt. In the latter, involuntary unemployment results from insufficient household income relative to the assets (profits) offered to them, regardless of the behaviour of economic agents.JEL Classification: B22, B59, E24
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It was following Keynes’ work that the theory of the circuit in which money circulates between banks, companies and households was developed. In this circuit, involuntary unemployment is explained by excessive hoarding and/or excessive indebtedness of firms. The five logical criticisms that can be addressed to this theoretical construction, however, invite us to turn to another theory of circuit, the theory of instantaneous circuits proposed by Bernard Schmitt. In the latter, involuntary unemployment results from insufficient household income relative to the assets (profits) offered to them, regardless of the behaviour of economic agents.JEL Classification: B22, B59, E24
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