0000000000426833
AUTHOR
Patrice Bouvet
And after all, if say was right ? L'offre crée-t-elle sa propre demande ? Keynésiannisme contre "klacissisme"
In a real exchange economy it's quite easy to admit the existence of SAY's law. However, currency has without doubt changed. Is it necessary to reject SAY's law? More than J.M.KEYNES himself, if we believe some of his sucessors it's absolutely certain. Yet, when we study closely modern currency (bank currency) we realize that the economic agentscannot hold it outside the banking system: when they are not consumers on the goods market they are "consumers" on the stock market. As a consequence SA Y's law is confirmed.
Non-voluntary unemployment in circuit analyses
Studying unemployment is generally done in terms of market. In this type of analysis is not, however, easy to show compulsory redundancy. Furthermore, it's nowadays difficult to deny the existence of this kind of underemployment. According to the Keynesian theory it seems interesting to consider the analysis in terms of circulation. In this respect three outlines are in confrontation. If we accredit the idea of the building up of capital, compulsory redundancy could be explained by a deficit in the flow. Unfortunately, from a macroeconomic point of view this explanation cannot be accepted; if a product is not bought spontaneously, the sale of the product is implemented by force. The analysi…