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« Une lecture hicksienne de la Théorie Générale de Keynes » : de la difficulté de conjuguer des grammaires différentes

Listed author(s):
  • Philippe de Ville

[eng] It is argued that it is not logically consistent to interpret Keynes' General Theory in the light of Hicks' conceptual approach of dynamics. Hicks' sequential analysis is ultimately based on the static equilibrium method. The basic time unit must be a period characterized by a stationary equilibrium. However such basic time unit is difficult to define in a stock-flow model where the stock equilibrium conditions might be inconsistent when they involve expectations with different time horizons. On the contrary, Keynes' implicit approach to dynamics in the General Theory is to get away from Hicks' stationary equilibrium of the basic time unit. The "day-to-day" key nesian dynamics is based on a basic time unit called the "accounting period" ; it is the time interval within which no change in decisions can be made. At the beginning of each "day", short-run and long- run expectations are formed, decisions are made and results of the previous period are known. At the end of the accounting period, balance-sheets constraints are fulfilled by issuing new assets and liabilities. Financial as well as physical constraints are reevalued. Although still not fully developed and formalized, this approach to dynamics based on a continuous "day-do-day" adjustment of expectations seems to be an alternative to the hicksian pseudo-dynamic equilibrium method. [fre] On y présente la critique d'une interprétation de la Théorie Générale qui reposerait sur l'approche hicksienne de la dynamique. Cette approche séquentielle de Hicks est basée sur la méthode de l'équilibre statique. L'unité de temps élémentaire doit être un intervalle de temps caractérisé par un équilibre sta- tionnaire. La définition d'une telle unité est difficile dans un modèle stock-flux où les conditions d'équilibre des stocks peuvent s'avérer contradictoires lorsqu'elles impliquent des attentes ayant des horizons temporels différents. A l'opposé, l'approche implicite de la dynamique chez Keynes s'efforce de rompre avec l'approche en terme d'équilibre stationnaire de Hicks. La dynamique keynésienne « au jour le jour » repose sur une unité de temps élémentaire qu'on appelle la « période comptable ». Celle-ci se caractérise par l'intervalle de temps à l'intérieur duquel les décisions à horizon temporel donné sont irréversibles. Au début d'une telle période, les attentes de court comme de long terme sont formulées, les décisions sont prises et les résultats de la période antérieure sont connus. A la fin de la période comptable, l'équilibre des comptes est réalisé par l'émission de nouveaux engagements ou l'acceptation de nouveaux avoirs. Les contraintes physiques comme financières sont réévaluées. Quoique non encore pleinement développée et formalisée, une telle approche de la dynamique paraît une possible alternative à la méthode des équilibres pseudo-dynamiques de Hicks.

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File URL: http://dx.doi.org/doi:10.3406/cep.1988.1057
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File URL: http://www.persee.fr/doc/cep_0154-8344_1988_num_14_1_1057
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Article provided by Programme National Persée in its journal Cahiers d'économie politique.

Volume (Year): 14 (1988)
Issue (Month): 1 ()
Pages: 51-57

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Handle: RePEc:prs:caecpo:cep_0154-8344_1988_num_14_1_1057
Note: DOI:10.3406/cep.1988.1057
Contact details of provider: Web page: http://www.persee.fr/collection/cep

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