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Modelling market dynamics : Jean-Pascal Bénassy, Edmond Malinvaud, and the development of disequilibrium macroeconomics

Author

Listed:
  • Goulven Rubin

    (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne)

  • Matthieu Renault

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

  • Romain Plassard

    (LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article deals with the place of dynamics in disequilibrium macroeconomics. It focuses on the works of Jean-Pascal Bénassy and Edmond Malinvaud. We show that both economists wanted to study the dynamics of non-clearing markets because they shared the concerns of their forerunners Don Patinkin, Robert Clower, and Axel Leijonhufvud – about the stability issue raised in Chapter 19 of The General Theory (Keynes, 1936). A novelty of their approach was the combination of John R. Hicks's conception of dynamics as a sequence of temporary equilibria with Paul Samuelson's defnition of dynamics as the adjustment toward one equilibrium position. This combination implied notable gains in terms of consistency with respect to Patinkin's and Clower's works and allowed them to address dynamics formally. The paper shows how Bénassy and Malinvaud ended up pursing distinct research agendas from the frst half of the 1980s. We also discuss the limits of their common approach to modelling dynamics.

Suggested Citation

  • Goulven Rubin & Matthieu Renault & Romain Plassard, 2021. "Modelling market dynamics : Jean-Pascal Bénassy, Edmond Malinvaud, and the development of disequilibrium macroeconomics," Post-Print hal-03477371, HAL.
    • Handle: RePEc:hal:journl:hal-03477371
    DOI: 10.19272/202106101005
    as

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