First edition. Small 8vo. ix, [1], 128 pp. Original black cloth, spine lettered in gilt, dust jacket (small ink notation to front free endpaper, contents otherwise unmarked; jacket price clipped with later publisher’s price sticker to rear panel, still a very good copy). Oxford, Basil Blackwell, Yrjö Jahnsson Lectures, 1977.
The principle contribution to macroeconomics by the distinguished French economist and econometrician Edwin Malinvaud (1923-2015). ‘In his frequently cited The Theory of Unemployment Reconsidered, Malinvaud develops a theoretical rationing model that allows for general macroeconomic equilibrium with involuntary unemployment. He considers this a fixed-price equilibrium model rather than a disequilibrium model and is careful to separate his thinking on the question of persistent involuntary unemployment from that stemming from Barro and Grossman’s 1971 disequilibrium model. Malinvaud distinguishes between three types of unemployment: frictional - the difference between registered labor force and effective labor supply; Keynesian - the share of unemployment attributable to deficient demand for goods; and classical - the balance of unemployment, which is therefore only indirectly linked with rationing; he believes it more precise to identify classical unemployment with the lack of productive capacity’ (An Encylopedia of Keynesian Economics, p. 430).
