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The logic of Keynes' criticism of the Classical model

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  • Michel Rosier

Abstract

The Classics' remedy for unemployment was to lower money wages. Keynes opposes this remedy. Therefore, in The General Theory, he aims at building a model in which a fall in money wages may not cause an increase in employment. Most of the interpretations of Keynes identified this aim, but did not attach enough importance to it. Reading The General Theory in the light of this aim, we discover what Keynes' logic of elaboration is, then what Keynes' ideas about voluntary or involuntary unemployment are.

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  • Michel Rosier, 2002. "The logic of Keynes' criticism of the Classical model," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 608-643.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:4:p:608-643
    DOI: 10.1080/0967256021000024682
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    References listed on IDEAS

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    Cited by:

    1. Christian Tutin, 2004. "Towards a Kyenesian dynamics ? Harrod, Hicks and Ohlin, readers of the General Theory [Dynamiser Keynes ? Harrod, Hicks Et Ohlin, Lecteurs De La Theorie Generale]," Post-Print hal-03649831, HAL.
    2. Rosier, Michel, 2003. "Les grandeurs fondamentales de la Théorie générale," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(1), pages 197-219, Mars-Juin.

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