It has often been argued that Keynes’s General Theory is full of inconsistencies yet their nature has scarcely been explored in detail. In this paper, I argue that Keynes’s basic inconsistency lies in his aiming at bringing together a series of concepts which, with hindsight, prove to be...

This article tests the view (derived from Hicks and Patinkin) that non-market clearance may be caused by slow adjustment ("process rigidity"). There are models where market-rationing is present and derives from some form of rigidity, but this rigidity cannot be considered as process rigidity. It...

This paper concerns a neglected aspect of Lucas's work: his methodological writings, published and unpublished.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...

L’objectif de cet article est de retracer l’histoire de la macroéconomie de ses débuts à nos jours en prenant en compte sa double dimension théorique et empirique. Elle a profondément marqué l’évolution des politiques économiques. Dans un premier temps, nous rappelons la triple...

This paper concerns a neglected aspect of Lucas's work: his methodological writings, published and unpublished.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...