La formulation du modèle keynésien et le choix de l'unité de mesure
Alain Beraud ()
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This contribution analyzes how Keynes and the keynesians asked the question of the choice of the unit of measure of the macroeconomic aggregates. Underlining the narrow relationships which exist between the lectures which Keynes professed between 1933 and 1935 and the diverse versions of the model IS-LM, it shows that the problems arise from the way Keynes had approached this problem. To argue about the monetary value of the aggregates leads to dichotomiser the model and does not allow to analyze correctly the interdependence between the labor market on one hand and the goods markets and the money market on the other hand. The model so formulated does not allow to treat in a rigorous way the effects of a variation of the monetary wage. It lets think, wrongly, that there is inevitably a full employment equilibrium.
Keywords: units of measure; Keynes; IS-LM; unité de mesure (search for similar items in EconPapers)
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Published in XIV Colloque Charles Gide Histoire de la macroéconomie : des années de haute théorie (1926-1939) à nos jours, Jun 2012, Nice, France
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Journal Article: La formulation du modèle keynésien et le choix de l'unité de mesure (2014)
Working Paper: La formulation du modèle keynésien et le choix de l'unité de mesure (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00722854
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