Mass Unemployment

The author argues for a far-reaching reappraisal of current economic theory. He addresses in turn the nature of long-term mass unemployment, the economist's problems in analyzing it, and government policy options for alleviating it. Unemployment can, it is argued, best be seen as a macroeconomic disequilibrium, which may be Keynesian, or classical or a mixture of the two. Concentrating on the dynamics of change in the economy, the author examines the interaction ot the three salient factors: prices and wages, capital accumulation, and mobility of labour, capital and demand.