TY - JOUR AU - Rancan, Antonella PY - 2014/10/09 Y2 - 2024/03/29 TI - Modigliani’s comments on Sylos Labini’s theory of unemployment (1956-1958) JF - PSL Quarterly Review JA - PSL QR VL - 67 IS - 270 SE - Articles DO - 10.13133/2037-3643/12919 UR - https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/12919 SP - AB - This note discusses Modigliani&rsquo;s and Sylos Labini&rsquo;s unemployment theory starting from a long letter Modigliani wrote to his friend and colleague, commenting the provisional edition of &ldquo;Oligopolio e Progresso Tecnico&rdquo; (1956). While in his influential article review (1958) Modigliani especially analysed and developed along original lines Sylos Labini&rsquo;s microeconomic theory, in the letter he deeply discussed Sylos Labini macroeconomics. Modigliani criticized Sylos Labini&rsquo;s classical definition of investment and the ensuing confusion between monetary and real causes of unemployment. From their correspondence their different theoretical perspective clearly stands out: Modigliani was interested in explaining the emergence of unemployment equilibrium in a static context, Sylos Labini its persistence as the result of structural changes. <p><strong>&nbsp;JEL codes</strong>: B10, B22, B30</p> <p><strong>Keyword</strong>: Franco Modigliani, Paolo Sylos Labini, Unemployment</p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; ER -