This work investigates the evolution of the concept of involuntary unemployment within economic theory, specifically focusing on the transition from classical to modern macroeconomic frameworks. Michel de Vroey, a prominent historian of economic thought, examines how economists have defined and modeled labor market failures over the last century. By tracing the intellectual history of the field, the author argues that the conceptualization of unemployment has shifted significantly in response to changing market conditions and theoretical paradigms. The text provides a rigorous analysis of the debates between neoclassical, Keynesian, and New Keynesian schools of thought.

Economists and historians of thought recognize this volume as a definitive reference for understanding the theoretical underpinnings of labor market analysis. Readers frequently note the academic density of the prose, which requires a solid foundation in macroeconomic principles to fully grasp the author's arguments.