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This paper takes its bearings from Edmond Malinvaud's approach to unemployment and profitability (Malinvaud, 1980). In particular I will switch Malinvaud's pro b lem a tiq u e from the definition of unemployment regimes to the discussion of capacity utilization regimes. It will be seen that by setting the question of utilization rates at the center of the analysis, the structure of production - disregarded in Malinvaud's work - emerges as the major determinant of the relationship between utilization rates, employment levels and the sectoral deployment of the labor force.