Patinkin as a reader of Keynes’ General Theory: Are wage cuts a good remedy to unemployment?

Sylvie Rivot ()
Additional contact information
Sylvie Rivot: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique

Post-Print from HAL

Abstract: This paper analyses Patinkin's appraisal of Keynes' concept of involuntary unemployment while focusing on his reading of the General Theory Chapter 19. On several critical issues, Patinkin departs from Keynes' original matters of concerns. He leans against an individual criterion for unemployment and implicitly endorses Wicksell's understanding of voluntary unemployment as chosen leisure. His appraisal of involuntary unemployment as a disequilibrium phenomenon ultimately relies on nominal rigidities and assumes the existence of a competitive adjustment process. On all these three critical points, Patinkin departs from Keynes but also initiates the contemporary New Keynesian programme that went even further from Keynes.

Keywords: Adjustment process; Expectations; Involuntary unemployment; Nominal rigidities (search for similar items in EconPapers)
Date: 2016-12-12
References: Add references at CitEc
Citations:

Published in European Journal of the History of Economic Thought, 2016, 23 (6), pp.1001 - 1031. ⟨10.1080/09672567.2016.1235322⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01725371

DOI: 10.1080/09672567.2016.1235322

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().