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Foundaments Of The Pre-Keynesian Neoclassical Model

Author

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  • Ulisses Ruiz de Gamboa

    (Universidade Presbiteriana Mackenzie (UPM))

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.

Suggested Citation

  • Ulisses Ruiz de Gamboa, 2004. "Foundaments Of The Pre-Keynesian Neoclassical Model," Revista de Economia Mackenzie (REM), Mackenzie Presbyterian University, Social and Applied Sciences Center, vol. 2(2), pages 169-186, january-d.
    • Handle: RePEc:aft:journl:v:2:2:2004:jan:dec:p:169-186
    DOI: -
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