You Mean Involuntary Unemployment Exists?

    I've finished Galbraith's Born Unequal now. It was a good read-I'd say it is good for anyone who is concerned with the decline in American living standards over the last 30 years and wants to know what needs to be done-'What is to be done' as Lenin once asked.

    Having finished this I'm now reading Keynes himself, his masterpiece, The General Theory of Employment, Interest and Money. The idea of "General Theory" is contrasted with the old "Classical Theory."

   Already on page 6 I had to smile. Keynes contrasts the classical theory as regards unemployment with his new general theory. He notes that for the classical school there are only two types of unemployment-broadly speaking, "frictional" and "voluntary."

   Keynes then notes: "The classical postulates do not admit of the third category, which I shall define below as "involuntary unemployment."

   After 100 years of classical economics it took a radical like Keynes to suggest that it's possible even in theory that someone could be out of work against their will!