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Demande effective, monnaie et prix de production : une extension circuitiste de la Théorie générale

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Within the context of circuit theory, we show that the works of Keynes, expanded by those of Sraffa, are still relevant and form the foundations of the post-classical paradigm in construction, that puts together the contributions of neo-Ricardian and post-Keynesian analysis. Sraffa brings his production prices theory and stresses on social conflicts. Keynes provides, through his effective demand theory, the way of determining quantities that lacks to Sraffa and facilitate money integration. The final model brings to the fore that monetary interest rate is a key variable of the system. It allows to determinate wage rate, produced quantities, employment level, expected rate of profit and therefore prices. The wage rate is negociated before knowing the level of employment. It is a cost of production expressing the state of class struggle. The model also shows that disequilibrium is the result of wrong expectations about investment. (Full text in French)

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Paper provided by Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV in its series Documents de travail with number 42.

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Length: 23 pages
Date of creation: Oct 1999
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Handle: RePEc:mon:ceddtr:42

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  1. Lavoie, Marc, 1992. "Éléments d’analyse d’une synthèse post-classique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(4), pages 607-631, décembre.
  2. Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 63-82, March.
  3. Eichner, Alfred S & Kregel, J A, 1975. "An Essay on Post-Keynesian Theory: A New Paradigm in Economics," Journal of Economic Literature, American Economic Association, vol. 13(4), pages 1293-1314, December.
  4. Dostaler, Gilles, 1982. "Marx et Sraffa," L'Actualité Economique, Société Canadienne de Science Economique, vol. 58(1), pages 95-114, janvier-j.
  5. Marc Lavoie, 1995. "Interest Rates In Post-Keynesian Models Of Growth And Distribution," Metroeconomica, Wiley Blackwell, vol. 46(2), pages 146-177, 06.
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Cited by:
  1. Eric BERR (GREThA), 2008. "Which development for the 21st century? Reflections on sustainable development\r\n (In French)," Cahiers du GREThA 2008-04, Groupe de Recherche en Economie Théorique et Appliquée.

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