Present-day macroeconomics has sometimes been dubbed ‘the new neoclassical synthesis’, suggesting that it constitutes a reincarnation of the neoclassical synthesis of the 1950s. This paper assesses this understanding. To this end, we examine the contents of the ‘old’ and the ‘new’...

Three points are made in this article. First, it is argued that general equilibrium theory should not be limited to the issues of existence and stability. A third subject-matter should be put on the agenda, namely the organization of trade. Tatonnement should be seen as the specific assumption...

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...

This paper is a contribution to the forthcoming Edward Elgar Handbook of the History of Economic Analysis volume edited by Gilbert Faccarello and Heinz Kurz. Its aim is to introduce the reader to the main episodes that have marked the course of modern macroeconomics: its emergence after the...

Dans ce numéro de Regards économiques, nous retraçons, l’histoire de la macroéconomie, de son émergence dans la foulée de la Théorie Générale de Keynes à son état présent et mettons en avant la “révolution scientifique” qui s’y est manifestée dans les années 1980.

Present-day macroeconomics has sometimes been dubbed ‘the new neoclassical synthesis’, suggesting that it constitutes a reincarnation of the neoclassical synthesis of the 1950s. This paper assesses this understanding. To this end, we examine the contents of the ‘old’ and the ‘new’...

[eng] Marx's theory of waces :. An heterodox criticism. Michel De Vroey. The aim of this article if, to question Marx's project of integrating the wage-relationship into general equilibrium. In a first part, I examine the theoretical status of the notion of labour power and argue that it should...