Structural Unemployment and the United States Economy, 1953-1965
Newcomer, David Cupler
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This analysis rests on the assumption that the labor market is non-homogeneous, where economists, Keynes included, generally have assumed a homogeneous supply. In fact, economics has considered labor as a resource, but had never adequately considered the effect of the quality of that labor. The theory of structural unemployment takes this into consideration, and moderates Keynesian unemployment theory where quality is a factor. It is a limiting case for Keynesian theory. Out of these few paragraphs arise several themes for this work: (1) the validity of the theory of structural unemployment; (2) its relationship to the unemployment problem in the United States; (3) the relationship of the theory to inadequate demand (Keynesian) employment theory, (4) the relative values of these theories, and (5) the resolution of these two approaches. These are the points I wish to clarify in this thesis. Since I consider structural unemployment to be a limiting case in Keynes' general employment theory, I will begin by reviewing some major points of his theory. Then, having more precisely defined types of unemployment, the relationship of the two theories can be discussed.If you are not a current K College student, faculty, or staff member, email email@example.com to request access to this SIP.