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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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Effective Demand and Disguised Unemployment

Effective Demand and Disguised Unemployment

(p.174) 9 Effective Demand and Disguised Unemployment
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter analyzes the origins and structure of disguised unemployment and provides an illustrative estimate of its magnitude from 1979 to 1990. It discusses the ideas developed by Joan Robinson, which implies that the level of employment in the economy is determined by effective demand and level of disguised unemployment. Robinson points out that disguised unemployment is likely to be greater wherever unemployment benefits are either low or of short duration, or where low-productivity employment is subsidized or protected.

Keywords:   disguised unemployment, Joan Robinson, employment, effective demand, unemployment, low-productivity employment

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