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...

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...

In this paper I ponder upon the meaning of the perfect information assumption, and argue that a distinction should be drawn between the Walrasian and Marshallian conceptions of perfect information. I show that the Marshallian conception is more demanding than the Walrasian, due to the absence of...

In this paper I compare Friedman's expectations-augmented Phillips Curve model with Lucas' model on expectations and the neutrality of money and claim that they are underpinned by two different equilibrium concepts. Friedman's model is based on the stationary equilibrium conception, typical of...

Nous retraçons à grands traits l'évolution de la macroéconomie de sa naissance à nos jours, son émergence dans les années 1930, puis la période de règne sans partage de la macroéconomie keynésienne des années 1950 à 1970. L'étape suivante de son évolution est l'offensive menée...

In this review article of Backhouse and Boianovsky’s book, Transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956-2003, I make the following points: (a) Backhouse and Boianovsky’s too broad understanding of the disequilibrium approach results in their bringing...