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Keynes et Ricardo sur la macro-économie et la monnaie

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  • Ghislain Deleplace

Abstract

[eng] Keynes' s reading of Ricardo deals with the relations between three theories : the theory of value and distribution, the macroeconomic theory of the level of aggregate output and employment, and monetary theory. Keynes bears on Ricardo to separate the theory of value and macroeconomics, even if he blames him for having « repudiated » any macroeconomic theory. Two questions are central to his evaluation of the classical author : the neutrality of money and the influence of the quantity of money on the rate of interest. The neutrality of money is for Keynes the corollary of Say's Law, and the reasons why he rejects it, from the drafts to the final text of General Theory, are connected with the emergence of the concept of unemployment equilibrium. Keynes' s analysis of the Ricardian theory of the rate of interest shows that the debate on the real effects of a change in the quantity of money is led without any reference to the Quantity Theory. This may explain why Keynes felt consistently in sympathy with some Ricardian positions on the organization of a monetary system (the gold exchange standard), which are independent of the Quantity Theory. All in all, the attitude of Keynes towards Ricardo appears far more favourable than is usually believed. [fre] La lecture que fait Keynes de Ricardo concerne les relations entre trois théories : la théorie de la valeur et de la répartition, la théorie macroéconomique du niveau d'équilibre global et de l'emploi, et la théorie monétaire. Keynes s'appuie d'abord sur Ricardo pour séparer la théorie de la valeur et la théorie macro-économique, même s'il lui reproche d'avoir « répudié » celle-ci. Surtout, deux questions apparaissent centrales dans son évaluation de l'auteur classique : la neutralité de la monnaie et l'effet de la quantité de monnaie sur le taux d'intérêt. La neutralité de la monnaie est pour Keynes le corollaire de la loi de Say, et l'évolution des raisons de son rejet, des brouillons au texte final de la Théorie Générale, illustre l'émergence du concept d'équilibre de sous-emploi. L'analyse par Keynes de la théorie ricardienne de l'intérêt montre que le débat sur les effets réels d'une variation de la quantité de monnaie se déroule en-dehors de toute référence à la théorie quantitative. Ceci explique que Keynes ait pu continuer à se sentir en sympathie avec certaines positions ricardiennes sur l'organisation d'un système monétaire (le gold exchange standard), qui sont indépendantes de la théorie quantitative. Au total, l'attitude de Keynes vis-à-vis de Ricardo apparaît beaucoup plus favorable qu'on le croît généralement.

Suggested Citation

  • Ghislain Deleplace, 1998. "Keynes et Ricardo sur la macro-économie et la monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 30(1), pages 49-84.
    • Handle: RePEc:prs:caecpo:cep_0154-8344_1998_num_30_1_1213
    DOI: 10.3406/cep.1998.1213
    Note: DOI:10.3406/cep.1998.1213
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    1. Marie-Thérèse Boyer-Xambeu, 1994. "Henry Thornton et la « Bullion Controversy ». Au-delà des bornes, il n'y a plus de limites," Revue Économique, Programme National Persée, vol. 45(5), pages 1215-1226.
    2. Moggridge, D E, 1992. "The," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 207-209, Summer.
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    1. Samuel Hollander, 2001. "Malthus and Classical Economies : The Malthus-Ricardo Relationship," Cahiers d'Économie Politique, Programme National Persée, vol. 38(1), pages 11-23.

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