Dynamics analysis and the General Theory
In this short note, we wonder on the opportunity to express Keynes's central message with a static model. Because the phenomena described by Keynes are dynamic, especially the ones described in chapter 19 of the General Theory, we think that they must be analysed with a dynamic model. Deciding to use a static model as Franck Van de Velde does it in its book Monnaie, Chômage et Capitalisme is likely to lead to the idea that the main Keynesian propositions depend on the fixed price assumption and to emphasize, as the authors of the neo-Classical synthesis did, that Keyesian models are a special case of the classical theory.
Volume (Year): (2008)
Issue (Month): 54 (Jan - Jun)
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