FOUNDAMENTS OF THE PRE-KEYNESIAN NEOCLASSICAL MODEL

Ulisses Ruiz de Gamboa ()
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Ulisses Ruiz de Gamboa: Universidade Presbiteriana Mackenzie (UPM)

Revista de Economia Mackenzie (REM), 2004, vol. 2, issue 2, 169-186

Abstract: This article means to bring out the basic ideas and foundaments of one of the major schools of macroeconomic thought:the pre-keynesian neoclassical model. In this line, through a research from the original sources, two central aspects and its implications for the “neoclassical dichotomy†emerged: “Say's Law†and “Walras' Law†. This article concludes that in the case of “Say's Law†,theexistenceof money, although recognized, does not have formal sustain, because any physical good perform the function of unity of account. Besides,in the case of “Walras' Law†, the article reaches the conclusion that the “neo-classical dichotomy†is valid only if all the markets clearing.

Keywords: Macroeconomics; Neoclassicalmodel; Say’s Law; Walra’s Law; Neoclassical dichotomy. (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:aft:journl:v:2:2:2004:jan:dec:p:169-186

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