Abstract
This chapter addresses two related aspects of equilibrium in Keynes’s theory. The first aspect concerns the methodological approach which gives coherence to Keynes’s equilibrium; the second one refers to the burdens posed by Keynesian uncertainty on the specification of equilibrium. A clarification of these aspects is a necessary preliminary step for a positive reconsideration of Keynes’s theory of underemployment equilibrium.
I should like to thank Jan Kregel and Alessandro Roncaglia for valuable comments on the draft presented to the Conference. The main changes introduced with respect to the previous version concern section V, which has been expanded in an attempt to clarify its content.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
References
Becattini, G. (ed.) (1990) Il pensiero economico: terni, problemi e scuole (Torino: UTET).
Carabelli, A. (1985) ‘Keynes on Cause, Chance and Possibility’, in Lawson and Pesaran (eds) Keynes’ Economics. Methodological Issues (London: Croom Helm).
Dardi, M. (1979) ‘Indicizzazione dei salari e sistema monetario: un problema di teoria’, Giornale degli economisti.
Donzelli, F. (1986) Il concetto di equilibrio nella teoria economica neoclassica (Roma: La Nuova Italia Scientifica).
Hahn, F. (1984) Equilibrium and Macroeconomics (Oxford: Basil Blackwell).
Jossa, B. (1981) ‘Equilibri parziali o equilibri generali? Considerazioni metodologiche elementari sulla teoria keynesiana’, in Graziani, Imbriani e Jossa (eds) Studi di economia keynesiana (Napoli: Liguori).
Keynes, J. M. (1924) ‘Alfred Marshall’, Economic Journal, September.
Keynes, J. M. (1930) A Treatise on Money (London: Macmillan).
Keynes, J. M. (1936) The General Theory of Employment, Interest and Money (London: Macmillan).
Keynes, J. M. (1937) ‘Ex-post and ex-ante’, in The Collected Writings of J. M. Keynes, vol. XIV (London: Macmillan, 1973).
Keynes, J. M. (1942) ‘The International Control of Raw Materials’, in The Collected Writings of J. M. Keynes, vol. XXVII (London: Macmillan, 1980).
Kregel, J. (1976) ‘Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians’, Economic Journal.
Marshall, A. (1961) Principles of Economics (1880), variorum ed., (London: Macmillan).
Roncaglia, A. (1990) ‘Le scuole sraffiane’, in Becattini (1990).
Sraffa, P. (1932) ‘Dr. Hayek on Money and Capital’, Economic Journal.
Tonveronachi, M. (1983) J. M. Keynes. Dall’instabilità ciclica all’equilibrio di sottoccupazione (Roma: Nuova Italia Scientifica; first edn, Università di Siena, 1980).
Tonveronachi, M. (1990) ‘Teorie monetarie a Chicago’, in Becattini (1990).
Vicarelli, F. (1983) ‘Dall’equilibrio alle probabilità: una rilettura del metodo della Teoria generale’, in Vicarelli (ed.), Attualità di Keynes (Roma-Bari: Laterza).
Editor information
Editors and Affiliations
Copyright information
© 1992 Mario Sebastiani
About this chapter
Cite this chapter
Tonveronachi, M. (1992). Keynes and Equilibrium: A Note. In: Sebastiani, M. (eds) The Notion of Equilibrium in the Keynesian Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-22086-1_3
Download citation
DOI: https://doi.org/10.1007/978-1-349-22086-1_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-22088-5
Online ISBN: 978-1-349-22086-1
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)