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Patinkin as a reader of Keynes’ : Are wage cuts a good remedy to unemployment?

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  • Sylvie Rivot

Abstract

This paper analyses Patinkin's appraisal of Keynes’ concept of involuntary unemployment while focusing on his reading of the General Theory Chapter 19. On several critical issues, Patinkin departs from Keynes’ original matters of concerns. He leans against an individual criterion for unemployment and implicitly endorses Wicksell's understanding of voluntary unemployment as chosen leisure. His appraisal of involuntary unemployment as a disequilibrium phenomenon ultimately relies on nominal rigidities and assumes the existence of a competitive adjustment process. On all these three critical points, Patinkin departs from Keynes but also initiates the contemporary New Keynesian programme that went even further from Keynes.

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  • Sylvie Rivot, 2016. "Patinkin as a reader of Keynes’ : Are wage cuts a good remedy to unemployment?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(6), pages 1001-1031, November.
    • Handle: RePEc:taf:eujhet:v:23:y:2016:i:6:p:1001-1031
    DOI: 10.1080/09672567.2016.1235322
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    References listed on IDEAS

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    1. Robert Dimand, 1988. "The Origins of the Keynesian Revolution," Books, Edward Elgar Publishing, number 139.
    2. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Society (PKES), number nggt.
    3. M. G. Hayes, 2006. "The Economics of Keynes," Books, Edward Elgar Publishing, number 12601.
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