Post Keynesian Employment Analysis and Oecd Unemployment

Post Keynesians [hereafter PK] fashion their theory of employment (i.e., private sector labordemand hiring) utilizing Keynes's general theory. Entrepreneurial demand for hiring workers is derived from the point of effective demand determined in product markets. Since Keynes's "general" theory requires fewer restrictive axioms than the axiomatic theory underlying both classical economics (new and old) and "Keynesian" economics (new and old), there is no aggregate demand for labour schedule in the sense that underlies Phelps or Nickells view of the existence of eiither a "natural rate of employment or a NAIRU.