Disequilibrium on the Labour Market

  • Edmond Malinvaud
Part of the Keynesian Studies book series (KST)


From the beginning of his General Theory, J. M. Keynes bases his work on the assertion that ‘the second postulate of classical economics’ does not hold: ‘the utility of the wage is not equal to the marginal disutility of employment.’ In other words, labour demand falls short of labour supply; the labour market is in disequilibrium. Later in the book, Keynes comes back to this point several times to discuss one of the causes of this disequilibrium, namely insufficient price and wage flexibility. On the whole, however, he says very little about the labour market.


Labour Supply Minimum Wage Labour Demand Collective Agreement Wage Rigidity 
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© Association pour le Développement des Etudes Keynésiennes 1990

Authors and Affiliations

  • Edmond Malinvaud

There are no affiliations available

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