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The wage–employment relationship in Modigliani's 1944 article

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  • Antonella Rancan

Abstract

Modigliani's 1944 “Econometrica” article is considered one of the most important efforts to reconcile Keynes with classical economic thinking through the wage rigidity hypothesis. The paper reconstructs the genesis of Modigliani's article and compares Modigliani's and Patinkin's interpretation of the wage–employment relationship. It also discusses Modigliani's contribution to the neoclassical synthesis, arguing that Modigliani's attention to the monetary origin of and solution to unemployment contrasts with the neoclassical synthesis neglecting of the monetary side of the system and its inclination towards fiscal policy.

Suggested Citation

  • Antonella Rancan, 2017. "The wage–employment relationship in Modigliani's 1944 article," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 24(1), pages 143-174, January.
    • Handle: RePEc:taf:eujhet:v:24:y:2017:i:1:p:143-174
    DOI: 10.1080/09672567.2016.1164210
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    References listed on IDEAS

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    1. Michel De Vroey, 2002. "Can slowly adjusting wages explain involuntary unemployment? A critical re-examination of Patinkin's theory of involuntary unemployment," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 293-307.
    2. Brian Snowdon & Howard R. Vane, 1999. "Conversations with Leading Economists," Books, Edward Elgar Publishing, number 1607.
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    Cited by:

    1. M.J. Boumans, 2018. "Survey on Recent Work in the History of Econometrics: A Witness Report," Working Papers 18-10, Utrecht School of Economics.
    2. Dorian Jullien, 2019. "Interviews and the Historiographical Issues of Oral Sources," Post-Print halshs-01651062, HAL.

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