By J. A. Kregel, Alessandro Roncaglia, Egon Matzner

In the mid-1980s the world's industrialised economies entered their moment decade of stagnant progress and mass unemployment paralleled in simple terms by way of the good droop. Neo-conservative rules, which changed conventional Keynesian treatments, were not more winning in halting the inexorable elevate in unemployment: the stigma of failure to house unemployment has touched governments of all political extractions from Conservative to Liberal to Social-Democratic. New views at the unemployment challenge are wanted and this booklet presents them.

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249) Once more this description seems to ring true. And how did Keynes explain the phenomenon? , p. 250). After a further ten years of intensive research we cannot advance much beyond such an intellectually defeatist statement. What we have learned in recent years is to show with ease why wages in the short run will neither correspond to the marginal product of labour, nor to the opportunity cost of work for the labourer. In fact, we now have dozens of reasons for this. But that does not bring us nearer to an explanation of involuntary unemployment.

The task has been made so difficult by the intellectual power of Adam Smith. I take it the basic economic paradigm, a paradigm common to all variants of economic thought, whether they are classical, neo-classical, Marxist or Keynesian, is that men purposely try to avoid waste, or, as it is usually put today, that they try to exploit all mutually advantageous gains from trade. It is this basic economic paradigm that was first fully exploited by Adam Smith and applied by him in order to show that the 'simple and obvious system of natural liberty' by itself and without any need of political intervention would lead to full employment.

The reaction of real wages to changes in output [in] ... situations where changes in real and money wages were a reflection of changes in the level of employment caused by changes in effective demand ... [and] the case where changes in wages reflect changes in prices or in the conditions governing the wage bargain which do not correspond to, or are not primarily the result of, changes in the level of output and employment and are not caused (although they may cause) changes in effective demand.

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