Search results for "Keynes"
showing 2 items of 72 documents
economics in the mirror of the financial crisis
2011
The structure of the Chapter is as follows. In Section 2 I discuss some of the factors that may have played a role in causing the crisis and emphasise that supporters of different economic theories will assign different weights to each factor in their analyses. As a consequence, suggested economic policies are highly sensitive to the economic theory employed in evaluating the set of causes. In Section 3 I seek to defend economists from the common charge that their inability to foresee the crisis is a clear sign of the lack of scientific status of their discipline. In my view, the main liability of mainstream economics lies elsewhere, in its excessive trust on the self-equilibrating mechanis…
Les limites de la théorie du salaire d'efficience
1998
Efficiency wage theory, evolved by the "new keynesians", is part of a research programme concerned with explaining "involuntary" unemployment as part of the "general equilibrium". So, these works are a synthesis attempt of neo-classical and keynesian analyses in the employment area. Indeed, the authors place their analysis in a walrasian framework, but they integrate a keynesian concept to complete their models. In order to achieve their purpose, the efficiency wage theorists formulate two propositions on which their argument is based: 1° the relation supposed rising between the rate of wage and the productivity of wage earners, 2° the determination of the rate of wage outside the market. W…