Théorie du déséquilibre et chômage involontaire. Un examen critique
My aim is this paper is to assess whether disequilibrium models have succeeded in their aim of demonstrating the existence of involuntary unemployment in a Walrasian general equilibrium context. In a first stage of my inquiry, I critically examine the works of the founders of the disequilibrium approach, Patinkin, Clower and Leijonhufvud, and bring out their respective flaws. My concern in a second stage is the more elaborate models of Barro et Grossman, Drèze, Bénassy and Malinvaud. The main criticism levelled against them concerns the validity of their project to introduce price fixity within the Walrasian institutional set-up. Classification JEL : B 200 ; B220 ; E130.
References listed on IDEAS
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- Patinkin, Don, 1990. "On different interpretations of the General Theory," Journal of Monetary Economics, Elsevier, vol. 26(2), pages 205-243, October.
- Jean-Pascal Benassy, 1976. "The Disequilibrium Approach to Monopolistic Price Setting and General Monopolistic Equilibrium," Review of Economic Studies, Oxford University Press, vol. 43(1), pages 69-81.
- De Vroey, Michel, 2001. "Price Rigidity and Market-Clearing: A Conceptual Clarification," Cambridge Journal of Economics, Oxford University Press, vol. 25(5), pages 639-55, September.
- Silvestre, Joaquim, 1982. "Fixprice analysis in exchange economies," Journal of Economic Theory, Elsevier, vol. 26(1), pages 28-58, February.
- Benassy, Jean-Pascal, 1993. "Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 732-61, June.
- Picard,Pierre, 1993. "Wages and Unemployment," Cambridge Books, Cambridge University Press, number 9780521350570, November.
- Goulven Rubin, 2002.
"From equilibrium to disequilibrium: the genesis of Don Patinkin's interpretation of the Keynesian theory,"
The European Journal of the History of Economic Thought,
Taylor & Francis Journals, vol. 9(2), pages 205-225.
- Goulven Rubin, 2002. "From equilibrium to disequilibrium : the genesis of Don Patinkin's interpretation of the Keynesian theory," Post-Print halshs-00636823, HAL.
- Grandmont, Jean-Michel, 1977. " The Logic of the Fix-price Method," Scandinavian Journal of Economics, Wiley Blackwell, vol. 79(2), pages 169-86.
- Michel De Vroey, 1998. "Is the tatonnement hypothesis a good caricature of market forces?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(2), pages 201-221.
- Jean-Pascal Benassy, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Oxford University Press, vol. 42(4), pages 503-523.
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