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The aim of this paper is to put forward an alternative to the standard interpretation of Marshall's conception of equilibrium and time. In this new interpretation, the market-period receives a central role. It is considered as the unit of time of the analysis, on the one hand, and as the only...
Persistent link: https://www.econbiz.de/10004984986
The objective of the present study is to reflect upon the evolution of Keynesian theory from a specific angle of attack, by recounting the evolution of ideas regarding the theoretical acceptability of one particular yet central concept, namely involuntary unemployment. The first part presents my...
Persistent link: https://www.econbiz.de/10004984994
This article examines the question of which institutional assumptions underly competitive general equilibrium theory. Extending Walra’s terminology, the organization of trade hypothesis typical of this theory is called tâtonnement. Its components and its working principles are analysed...
Persistent link: https://www.econbiz.de/10004985028
The aim of this article is to analyse critically the definition of involuntary unemployment offered by Lindbeck and Snower in their insider-outsider model. Their category of involuntary unemployment will be shown to be broader than that of unemployment. Hence, with their definitional stance, it...
Persistent link: https://www.econbiz.de/10004985087
The aim of this paper is to revisit Hicks‚ "Mr Keynes and the Classics" article. It is argued that Hicks' own model, his IS-LL model, is significantly different from the subsequent textbook IS-LM models. In short, Hicks' classical model exhibits involuntary unemployment and allows for monetary...
Persistent link: https://www.econbiz.de/10004985116
The basic claim of this paper is that the debate on involuntary unemployment has been blurred by a series of conceptual confusions. As a remedy, a twofold distinction is advocated. One is between involuntary unemployment and underemployment which, it is argued, are mutually exclusive concepts....
Persistent link: https://www.econbiz.de/10004985146
The aim of this paper is to question a view which is usually taken for granted, namely that the Marshallian partial equilibrium and Walrasian general equilibrium analysis stand in a relationship of continuity. It will be claimed that the contrary is true : the generalisation of the Marshallian...
Persistent link: https://www.econbiz.de/10004985161
This article examines critically the insights on involuntary unemployment, offered by Keynes in his general theory. It is argued that Keynes put the issue on the right track by giving this concept a micro-founded definition but shelved the task of explaining its arising by introducing it as a...
Persistent link: https://www.econbiz.de/10004985268
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/10004985279
L’article s’interroge sur l’aspect de Marx à la théorie économique. La thèse défendue est que si Marx doit être compté parmi les grands économistes classiques, ses vues ne constituent pas une théorie originale. Il est aussi avancé que les malentendus interprétatifs que sa...
Persistent link: https://www.econbiz.de/10004985280