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...

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...

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...

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....

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...

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...

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...

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...

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...