The figure of John Maynard Keynes has towered like a colossus over
British economic theory for two generations, obscuring the
important earlier work of a small group of classical economists who
were concerned with British unemployment. Economics of Unemployment
restores these pre-Keynesian economists to their rightful place in
the British tradition. It examines their explanation of
unemployment advanced during the 1920s and summarizes the work of
the principal theoreticians, the most notable being Keynes's
Cambridge Colleage, A.C. Pigou. The book reformulates their theory
in modern terms in order to test it econometrically and to analyze
its continuing relevance in the post-war period. When formalized
this way, the theory anticipates a number of recent analytical
developments in labor economics. Chapters cover the pre-Keynesian
economists and their theory of unemployment; disequilibrium theory;
job search and unemployment; structural disequilibrium; policies
for structural unemployment; the pre-Keynesian theory and the
Keynesian revolution; the determinants of employment and the real
wage in inter-war Britain; labor supply, unemployment, and
migration in inter-war Britain; and, the relevance of pre-Keynesian
theory today. Mark Casson is Professor of Economics at the
University of Reading. He has written extensively on unemployment
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