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The Dynamics of Theories of Aggregate Unemployment:A Representation and Comparison of the Neoclassical and Keynesian Models of Unemployment
LI Gui-cai, Dic Lo
Teaching and Research
2008, (2):
37-43.
The comparative analysis of the various Neoclassical and Keynesian theories of unemployment is of importance but has been unsatisfactory in the relevant literature,because of lacking a reasonable analytical framework that could faithfully represent the essential ideas of both of the two theoretical traditions.The objective of this paper is to attempt an analysis of this kind,by means of drawing and improving on the analytical framework of"alternative closures".From our comparative analysis,it can be found that both of the two traditions of macroeconomics have their respective"micro-foundations",namely,price-setting agents in Keynesian models,price-taking agents in Neoclassical models.
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