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La controverse entre Clower et Patinkin au sujet de la validité de la loi de Walras

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  • Goulven Rubin

Abstract

This paper analyzes the controversy which opposed Clower and Patinkin about the validity of Walras law within the framework of the Keynesian theory. Quite paradoxically, it demonstrates that if Clower confronted Patinkin on this point it was precisely because he followed the conception of the Keynesian theory set out in chapter 13 of Money, Interest and Prices. The paradox, it is shown, is due to the fact that Patinkin refused to admit that his own theory questioned Walras law. On this basis, we offer an interpretation of the impasse on which the debate ended, a fact revealed by the correspondence between the two economists in 1990.

Suggested Citation

  • Goulven Rubin, 2005. "La controverse entre Clower et Patinkin au sujet de la validité de la loi de Walras," Revue économique, Presses de Sciences-Po, vol. 56(1), pages 5-24.
  • Handle: RePEc:cai:recosp:reco_561_0005
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    References listed on IDEAS

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    1. E. Glustoff, 1968. "On the Existence of a Keynesian Equilibrium," Review of Economic Studies, Oxford University Press, vol. 35(3), pages 327-334.
    2. 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.
    3. Grandmont, Jean-Michel, 1993. "Temporary general equilibrium theory," Handbook of Mathematical Economics,in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 19, pages 879-922 Elsevier.
    4. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
    5. Patinkin, Don, 1990. "On different interpretations of the General Theory," Journal of Monetary Economics, Elsevier, vol. 26(2), pages 205-243, October.
    6. 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.
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    Cited by:

    1. van den Hauwe, Ludwig, 2008. "Free Banking, the Real-Balance Effect, and Walras´ Law," MPRA Paper 8765, University Library of Munich, Germany.
    2. Plassard, Romain, 2015. "Clower's about-face regarding the 'Keynesian Revolution'," MPRA Paper 69233, University Library of Munich, Germany.

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