My aim is this paper is to assess whether disequilibrium models have succeeded in their aim of demonstrating the existence of involuntary unemployment in a Walrasian general equilibrium context. In a first stage of my inquiry, I critically examine the works of the founders of the disequilibrium...

According to Klein, Keynes’s General Theory was crying out for empirical application. He set himself the task of implementing this extension. Our paper documents the different stages of his endeavor, focusing on his The Keynesian Revolution book, Journal of Political Economy article on...

The aim of the present paper is to assess the new classical/real business cycle revolution, which dethroned Keynesian macroeconomics. In its first part, I critically discuss the microfoundations requirement that constitutes a cornerstone of the new approach and suggest an alternative, softer,...

The aim of this paper is to elucidate Keynes's Marshallian lineage. I argue that the result of bringing out the Marshallian antecedents of the General Theory highlights Keynes’s failure to achieve the theoretical project he was striving at, namely to demonstrate an involuntary unemployment...

Ma contribution à la discussion du livre The Economies of the Profit Rate de Duménil et Lévy vise à mettre en avant trois thèmes, mêlant des considérations de critique et de clarification. D'abord, je discute la notion d'équilibre adoptée par ces auteurs. Ensuite, je commente la...

This paper concerns a neglected aspect of Lucas’s work: his methodological writings, published and unpublished. Particular attention is paid to his views on the relationship between theory and ideology. I start by setting out Lucas’s non-standard conception of theory: to him, a theory and a...

It is often argued that what marks the difference between Keynesian macroeconomics and new classical macroeconomics (the first installment of dynamic stochastic general equilibrium models) is the presence of microfoundations. These are deemed to be absent in the Keynesian approach, but central...

Robert Lucas is rightfully credited with having changed the course of macroeconomic theory. The aim of this paper is to document his transformation from a potential contributor to Keynesian macroeconomics to the master builder of an alternative paradigm, equilibrium macroeconomics. I reconstruct...