The notion of equilibrium in the Keynesian theory : Symposium : Papers

Annotation One of the reasons which make the Keynesian controversy still so live, is the missing distinction between aspects concerning methodology and others pertaining to theory. Another cause of the ongoing debate is to be found in unsettled problems concerning methodology, in primis the concept the equilibrium. Nor could the situation have been different, given, on the one hand, Keynes's manifest disaffection with these matters (especially in The General Theory) and, on the other hand, their implications as regards Keynesian economic theory and policy. The aim of this volume ensues from this analysis; accordingly, a wide spectrum of questions of method are considered and different interpretations of Keynes's approach in this field are taken into consideration Front Matter....Pages i-xvii The Nature and Role of Equilibrium in Keynes’s General Theory....Pages 1-12 Note on Keynes’s Use of the Term ‘Equilibrium’ in the General Theory....Pages 13-17 Keynes and Equilibrium: A Note....Pages 18-31 Keynes and Conventional Equilibria....Pages 32-45 Keynesian Equilibrium and the Inducement to Invest....Pages 46-60 Keynes and Long-Period Positions....Pages 61-73 Keynes and the Concept of Equilibrium....Pages 74-98 On Keynes’s Method in Economic Theory....Pages 99-105 The General Theory: Critical and Constructive....Pages 106-108 The Identity between Aggregate Supply and Demand Price Equilibrium and Labour Market Equilibrium at Less than Full Employment....Pages 109-119 Keynesian Unemployment is Involuntary and is an Equilibrium State....Pages 120-137 Equilibrium without Constraints....Pages 138-172 Social Norms, Fluctuations and Money in a Linear Model of Prices....Pages 173-188 Information Failures and Wandering Systems in Keynesian Economics: Clower-Leijonhufvud Revisited....Pages 189-217 A Note on Kalecki’s and Keynes’s Unemployment Equilibrium....Pages 218-222 Post Keynesians versus New Keynesians on Imperfect Competition and Unemployment Equilibium....Pages 223-240 Back Matter....Pages 241-247 It is a widely shared opinion that one of the reasons which make the Keynesian controversy still so live is the missing distinction between aspects concerning methodology and others pertaining to theory. Another cause of the ongoing debate is to be found in unsettled problems concerning methodology, particularly the concept of equilibrium. Nor could the situation have been different, given, on the one hand, Keynes's manifest disaffection with these matters (especially in The General Theory) and, on the other hand, their implications regarding Keynesian economic theory and policy. The aim of this volume ensues from this analysis; accordingly, a wide spectrum of questions of method are considered and different interpretations of Keynes's approach in this field are taken into consideration