Unemployment under restriction of aggregate demand in Keynes: what about the long-run?
DOI:
https://doi.org/10.5007/2177-5230.2022.e85727Keywords:
Keynes, Unemployment, Long-run, Degree of utilizationAbstract
J.M.Keynes in his celebrated “General Theory” works on a temporal / analytical horizon of “short-run”, as the capital stock of the economy is kept constant. Alternatively, considering a horizon in which the capital stock can vary, this essay rethinks the “liquidity trap” framework, observing its consequences on the level of employment, as well as on the level of utilization of the economy's productive capacity. Based on the inner logic of the "General Theory", it is concluded that the Keynesian restriction of demand will be kept in the "long-run", but through the reduction of the capital stock and not via unemployment, recovering the possibility of full-employment even in a scenario of Keynesian uncertainty.
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