Showing 1 - 8 of 8
This article is an in-depth analysis of Backhouse and Boianovsky's book, <italic>Transforming Modern Macroeconomics: Exploring Disequilibrium Microfoundations, 1956-2003</italic>. I start with questioning Backhouse and Boianovsky's too broad understanding of the disequilibrium approach. Thereby they bring...
Persistent link: https://www.econbiz.de/10010975924
<title>Abstract</title> The standard view about the relationship between the Marshallian and the Walrasian approaches is that they are complementary to each other. My aim in this paper is to show that, on the contrary, they constitute alternative sub-research programmes within the wider neoclassical paradigm....
Persistent link: https://www.econbiz.de/10010975976
Using a retrospective methodology, my paper examines critically the insights on involuntary unemployment offered by Keynes in his General Theory. Keynes, it is argued, gave involuntary unemployment a modern micro-founded definition yet — quite opportunely, in view of the difficulty of the...
Persistent link: https://www.econbiz.de/10009221630
This paper's aim is to offer a reconstruction of the Marshallian conception of equilibrium and time. Its main features are as follows. First, I argue that the hallmark of this conception is to posit an interrelationship between two equilibrium concepts — market-day and normal equilibrium. I...
Persistent link: https://www.econbiz.de/10005505286
Hicks is renowned for having introduced the temporary equilibrium framework in his book Value and Capital. Subsequently, however, he partially recanted this framework by rejecting the market clearing idea while still keeping the week device. The aim of this paper is to assess whether this change...
Persistent link: https://www.econbiz.de/10005505334
In this paper I evaluate the logical consistency of Patinkin's claim that involuntary unemployment can result from slow speed of adjustment. I argue that Patinkin's argument is flawed because of an unjustified breach of continuity in the trade technology assumption between the microeconomic and...
Persistent link: https://www.econbiz.de/10005505405
Persistent link: https://www.econbiz.de/10005505415
Persistent link: https://www.econbiz.de/10005463072