Unemployment can persist without intervention from "summary" of The General Theory of Employment, Interest, and Money by John Maynard Keynes
The existence of unemployment in a modern industrial system, where there is no question of the adequacy of the effective demand, is explained by the fact that movements in the marginal efficiency of capital may be large and unpredictable. Changes in the rate of interest do not exert an immediate and direct effect on the marginal efficiency of capital, and so do not lead to an immediate and direct effect on the volume of employment. Thus, the idea that the level of employment is uniquely determined by the level of effective demand is not entirely accurate. The marginal efficiency of capital plays a crucial role in determining the level of employment in an eco...
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