IDEAS home Printed from https://ideas.repec.org/a/prg/jnlpol/v2009y2009i2id683p232-249.html
   My bibliography  Save this article

Genéza teórie ekonomickej nerovnováhy a jej miesto v systéme makroekonomických teórií
[Development of the theory of economic disequilibrium and its place in the system of macroeconomic theories]

Author

Listed:
  • Magdaléna Přívarová

Abstract

D. Patinkin and R.W. Clower belong to the first criticists of the model IS-LM, and they have revealed its theoretical weaknesses. It was in the half of the sixties of the 20 century, i. e. at the time when there was nobody to make the effectiveness of the Keynes's policies dubious. These analyses have become a starting point of the theory of economic disequilibrium. It has reached its full development as late as in the seventies and eighties of the 20 century, especially in France. The research programme of the theory of economic disequilibrium is carried out by searching the microeconomic basic points of the Keynes macroeconomics. This proves, that although in the real economic life an economic subject tries to reach the optimum, he/she is forced to choose a solution which is not an optimum one. The fact that some economic subjects are subject to limitations has very important macroeconomic consequences, unemployment being one of them. The theory of economic disequilibrium brings some interesting facts into the analysis of recent unemployment. They are such facts as limitations, relative rigidity of wages, spill-over effect and finally reasoning the existence of unvoluntary unemployment. Due to these contributions it helped the creation of the new Keynes economy.

Suggested Citation

  • Magdaléna Přívarová, 2009. "Genéza teórie ekonomickej nerovnováhy a jej miesto v systéme makroekonomických teórií [Development of the theory of economic disequilibrium and its place in the system of macroeconomic theories]," Politická ekonomie, Prague University of Economics and Business, vol. 2009(2), pages 232-249.
  • Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:683:p:232-249
    DOI: 10.18267/j.polek.683
    as

    Download full text from publisher

    File URL: http://polek.vse.cz/doi/10.18267/j.polek.683.html
    Download Restriction: free of charge

    File URL: http://polek.vse.cz/doi/10.18267/j.polek.683.pdf
    Download Restriction: free of charge

    File URL: https://libkey.io/10.18267/j.polek.683?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christian Schoder & Remzi Baris Tercioglu, 2024. "A climate-fiscal policy mix to achieve Türkiye’s net-zero ambition under feasibility constraints," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 21(2), pages 331-359, April.
    2. Goulven Rubin, 2014. "Disequilibrium economics: some comments about its nature, origins and fate. A review essay of "Transforming Modern Macroeconomics, The Relationship of Micro and Macroeconomics in Historical Persp," Working Papers halshs-01091765, HAL.
    3. Jonathan Heathcote & Fabrizio Perri, 2018. "Wealth and Volatility," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(4), pages 2173-2213.
    4. D. Patinkin, 1995. "The training of an economist," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(195), pages 359-395.
    5. Pascal Michaillat & Emmanuel Saez, 2015. "Aggregate Demand, Idle Time, and Unemployment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 130(2), pages 507-569.
    6. Thomas Palley, 2018. "Recovering Keynesian Phillips curve theory," FMM Working Paper 26-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    7. Palley, Thomas I., 1999. "General disequilibrium analysis with inside debt," Journal of Macroeconomics, Elsevier, vol. 21(4), pages 785-803.
    8. Chatelain, Jean-Bernard & Ralf, Kirsten, 2018. "Publish and Perish: Creative Destruction and Macroeconomic Theory," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 46(2), pages 65-101.
    9. Mankiw, N Gregory, 2001. "The Inexorable and Mysterious Tradeoff between Inflation and Unemployment," Economic Journal, Royal Economic Society, vol. 111(471), pages 45-61, May.
    10. Gerard Ballot & Antoine Mandel & Annick Vignes, 2015. "Agent-based modeling and economic theory: where do we stand?," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(2), pages 199-220, October.
    11. C. S. W. Torr, 1984. "Notes and Comments: The Prinicple of Effective Demand Versus Effective Demand Failure," South African Journal of Economics, Economic Society of South Africa, vol. 52(4), pages 268-270, December.
    12. Michaillat, Pascal & Saez, Emmanuel, 2013. "A model of aggregate demand and unemployment," LSE Research Online Documents on Economics 51579, London School of Economics and Political Science, LSE Library.
    13. J. Peter Neary & Joseph E. Stiglitz, 1979. "Towards A Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria," NBER Working Papers 0376, National Bureau of Economic Research, Inc.
    14. Plassard, Romain, 2022. "Diagnosing unemployment: the dual project of the ENSAE's band," MPRA Paper 113584, University Library of Munich, Germany.
    15. Kim, Minseong, 2022. "AS-AD model as a stock-flow consistent model," OSF Preprints ceb2z, Center for Open Science.
    16. Joseph E Stiglitz & Martin M Guzman, 2021. "The pandemic economic crisis, precautionary behavior, and mobility constraints: an application of the dynamic disequilibrium model with randomness† [A new view of technological change]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 30(2), pages 467-497.
    17. Schoder, Christian, 2020. "A Keynesian Dynamic Stochastic Disequilibrium model for business cycle analysis," Economic Modelling, Elsevier, vol. 86(C), pages 117-132.
    18. Ghassibe, Mishel & Zanetti, Francesco, 2022. "State dependence of fiscal multipliers: the source of fluctuations matters," Journal of Monetary Economics, Elsevier, vol. 132(C), pages 1-23.
    19. Volker Böhm & Tomoo Kikuchi, 2002. "Dynamics of Endogenous Business Cycles and Exchange Rate Volatility," CESifo Working Paper Series 797, CESifo.
    20. Amartya Lahiri & Carlos A. Végh, 2002. "Living with the Fear of Floating: An Optimal Policy Perspective," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 663-704, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    Equilibrium with limitations; spill-over effect; dual decision-making; typology of the kinds of unemployment; mixed unemployment; tâtonnement;
    All these keywords.

    JEL classification:

    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:683:p:232-249. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.