From equilibrium to disequilibrium: the genesis of Don Patinkin's interpretation of the Keynesian theory
This paper explains the reasons that led Don Patinkin to interpret the Keynesian theory in a disequilibrium perspective. We claim that the author adopted this position because he believed that the assumption of wage rigidity misrepresented the concept of involuntary unemployment and that, consequently, it had to be rejected. It is shown that this conclusion resulted from the confrontation of Patinkin, during the writing of his Ph.D. thesis, with the interpretations of the Keynesian theory argued respectively by Lange, Klein and Modigliani.
Volume (Year): 9 (2002)
Issue (Month): 2 ()
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- De Vroey, Michel, 1997.
"IS-LM "à la Hicks" versus IS-LM "à la Modigliani","
Discussion Papers (IRES - Institut de Recherches Economiques et Sociales)
1998003, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- P. W. S. Andrews, 1940. "A Further Inquiry Into The Effects Of Rates Of Interest," Oxford Economic Papers, Oxford University Press, vol. 0(1), pages 33-73.
- J. E. Meade & P. W. S. Andrews, 1938. "Summary Of Replies To Questions On Effects Of Interest Rates," Oxford Economic Papers, Oxford University Press, vol. 0(1), pages 14-31.
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