La Théorie Générale de Keynes: une lecture hicksienne

Jean-Luc Gaffard

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Abstract: Keynes' General Theory represents a change in theoretical method. The nature of this change is discussed in a Hicksian perspective. In fact, we take into consideration first what Hicks calls single period theory, and secondly what he calls continuation theory. From the standpoint of single period theory, the most revolutionnary change is the use of the method of expectations which implies that demands and supplies are regarded as determined not only by tastes and resources but also by expectations : equilibrium analysis can be used no only in static conditions, but even in the real world in disequilibrium. Yet, from the standpoint of continuation theory, the rigorous way to interpret Keynes' analysis is to regard the only stationnary solutions which imply stationnary stocks or stocks all growing at a common proportional rate. Therefore the continuation theory is setting forth on the assumption that short period expectations are always fulfilled and so must be adjusted to changes in long period expectations.

Date: 1988
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Published in Cahiers d'économie politique, 1988, 14-15, pp.43 - 50

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