ABSTRACT
The previous chapter has established that the semantics of involuntary unemployment are far from simple. In this chapter, I want to draw attention to a compounding factor: Is the object of analysis of unemployment theory really unemployment as this term is understood in common language? The answer is no. Most of the models that will be studied below, while allegedly dealing with unemployment, are concerned with a narrower subject matter, labour rationing. They just presume that labour rationing results in unemployment while this is true only under restrictive conditions.
