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La théorie réelle des cycles de Dennis Holme Robertson

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  • Frédéric Dupont
  • Estiva Reus

Abstract

[fre] Cet article se propose de dégager la trame théorique du premier livre de Robertson (A study of industrial fluctuation, [1915]). L'élément le plus remarquable de l'ouvrage réside dans la construction d'un modèle macroéconomique élémentaire, dans la tradition marshal- lienne. Celui-ci permet de montrer que les mouvements du niveau général de l'activité résultent de causes réelles (changements de l'utilité et de la productivité), agissant au départ de façon ponctuelle, et dont les effets se diffusent à l'ensemble de l'économie. Cette réflexion s'inscri- vant entièrement dans une problématique d'équilibre, elle ne réussit pas à rendre compte de certains aspects majeurs du cycle des affaires. Afin d'expliquer les mouvements non appropriés de la production, et leur caractère cyclique, Robertson juxtapose à son modèle central une théorie du surinvestissement. [eng] This paper attempts to outline the theoretical framework of Robertson's earliest work on industrial fluctuations [1915]. The most valuable achievement of the book lies in fram- ing an elementary macroeconomic model following the Marshallian tradition. Real factors (variations in productivity or utility) lie at the root of changes in the aggregate level of production. Few sectors are concerned at first. Then the changes spread throughout the economy through the channel of relative prices. This theory, strongly embedded in an equilibrium analysis, is unable to give an accurate account of the most prominent features of the business cycle. In order to explain inappropriate fluctuations of output, Robertson juxtaposes an over-investment theory to his chief model.

Suggested Citation

  • Frédéric Dupont & Estiva Reus, 1992. "La théorie réelle des cycles de Dennis Holme Robertson," Revue Française d'Économie, Programme National Persée, vol. 7(4), pages 33-80.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1992_num_7_4_1320
    Note: DOI:10.3406/rfeco.1992.1320
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    Cited by:

    1. Frédéric Dupont & Estiva Reus, 1996. "Epargne forcée, inflation et croissance : l'économie monétaire selon D.H. Robertson," Cahiers d'Économie Politique, Programme National Persée, vol. 26(1), pages 71-126.

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