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Deux voies pour la demande effective

Listed author(s):
  • Pierangelo Garegnani

[eng] The paper distinguishes between two routes along which orthodox theory can be criticized in order to establish the principle that aggregate demand may be insufficient to absorb the output obtainable from normal utilization of existing productive capacity. Keynes based himself on the obstacles which liquidity preference raises for the adaptation of the interest rate to changes in the incentive to invest. Another route has however been opened up by the critique of the orthodox notion of a «quantity» of.capitai which showed that there is no reason to assume a regular inverse relation between investment and the interest rate allowing the latter, even if flexible, to adjust investment to full employment savings. This second route deprives of its basis the neo-classical synthesis's attempt to confine «effective demand» to short period fluctuations and sets the ground for an analysis of its influence on accumulation. [fre] L'article distingue entre deux voies selon lesquelles on peut critiquer la théorie orthodoxe afin d'établir le principe suivant : la demande globale peut être insuffisante pour absorber le produit susceptible d'être obtenu par l'utilisation normale de la capacité productive existante. Keynes fondait son argumentation sur les obstacles que la préférence pour la liquidité dresse à l'adaptation du taux de l'intérêt à des changements dans l'incitation à investir. Une autre voie a cependant été ouverte par la critique de la notion orthodoxe de «quantité» de capital ; cette critique établissait qu'il n'y a aucune raison de supposer une relation inverse régulière entre l'investissement et le taux de l'intérêt qui permettrait à ce dernier, même flexible, d'adapter l'investissement à l'épargne de plein emploi. Cette seconde voie prive de toute base la tentative effectuée par la synthèse néo-classique de limiter la «demande effective» aux fluctuations de courte période, et fournit la fondation d'une analyse de son influence sur l'accumulation.

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Article provided by Programme National Persée in its journal Cahiers d'économie politique.

Volume (Year): 10 (1985)
Issue (Month): 1 ()
Pages: 21-31

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Handle: RePEc:prs:caecpo:cep_0154-8344_1985_num_10_1_991
Note: DOI:10.3406/cep.1985.991
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