And while other possible explanations for recession are now usually discussed as well, demand failure remains the single most important concept most economists are taught in relation to the causes of recession and involuntary unemployment
. It is the argument that recessions can best be understood as occurring because of a fall in aggregate demand that continues to mark economic theory to this day, along with the implication that stimulating demand through deficit spending is the optimal approach to take in dealing with recessions when and where they occur.
Thus within the economics profession there is a general acceptance of the idea that the long-run position of capitalist economies is determined from the 'supply-side'; namely, by the quantity and productivity of 'factors of production', or less formally by the effective quantity of resources, corresponding to a position of approximately zero involuntary unemployment
. (4) This idea carries with it a clear implication that, with sufficient long-run flexibility in payments, any resources unemployed, including labour, cannot result from a lack of demand for those resources.
ZIC, a single parent captive, writes credit property, credit involuntary unemployment
, credit disability and credit leave of absence coverage on a direct basis for Zale's private label credit card customers of the ultimate parent of ZIC, Zale Corp (NYSE:ZLC).
However, according to Assurant Specialty Property, which provides specialized insurance products, renters insurance not only will replace property but can also protect the renter from liability claims on damages to neighbor's property, personal injury and even offer involuntary unemployment
insurance in the event of job loss.
These also cover periods of involuntary unemployment
but payments only last one or two years, which may be sufficient for some people until they get back to work.
Docherty emphasises chapters 17 and 19 of the General Theory, which demonstrate, he suggests, that Keynes proved unable to insulate his theory of involuntary unemployment
from the neoclassical claim that it could always in principle be eliminated by downward price flexibility: deflation would increase the real value of the money stock and thereby reduce the rate of interest (this is the so-called 'Keynes effect').
Upon high-school graduation and subsequent milestones, Americans will receive a 12-year-term, renewable, high-deductible policy covering all income loss from illness, injuries or involuntary unemployment
. The deductible's size and benefits package will be adjusted for education and income level.
, asymmetric monetary policy effectiveness, and a changing relationship between real wages and employment over the business cycle are the result of optimizing behavior by monopsonistic, wage-setting, and price-taking firms faced with price uncertainty, an upward-sloped supply of employees, and efficiency wage behavior.
(4) which were generalized into a coherent message regarding involuntary unemployment
[Cate and Johnson, 1997].
The general aim of New Keynesian theorists is to obtain Keynesian results, such as equilibrium involuntary unemployment
, on the basis of maximizing behavior.
In this case, the labor market equilibrium is characterized by an excess supply of labor (i.e., involuntary unemployment
If so, they would imply barriers to entry that lead to involuntary unemployment
. If, instead, a competitive theory can explain those premiums, there would be no such implications.