Michel, De Vroey - Institut de Recherche Économique et Sociale (IRES), … - 2002
The aim of this paper is to examine critically Lucas’ arguments against Keynes’s General Theory and in particular … against Keynes’s concept of involuntary unemployment. It comprises two main parts. In the first, I question Lucas’s claim that … Keynes betrayed the equilibrium discipline by freeing himself from the postulates of optimising behaviour and market clearing …