DOCSLIB.ORG

Edmond Malinvaud

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Edmond Malinvaud PROFILES OF WORLD ECONOMISTS 28 EDMOND MALINVAUD EDMOND MALINVAUD A PIONEER OF THE THEORY OF ECONOMIC IMBALANCE doc. Ing. Magdaléna Přívarová, CSc., University of Economics in Bratislava The French economist Edmond as a hobby. After completing his studi- Malinvaud was born at Limoges in es at the Polytechnique, he went to the 1923 and lived there until he went to USA for a study visit, on the advice of university. His interest in science led Allais. He gained an economic educa- him to the Polytechnique, where he tion at the Cowles Foundation in Chi- took an interest in economics, initially cago. From 1961 to 1966, he was director of in the 1980s, a time when economic poli- the École nationale de la statistique et de cy was failing. Expansionist policies of l’administration économique (ENSAE), Keynesian character have a tendency to where he participated in educating the French elite in strengthen inflationary pressures and external imba- the area of mathematical economics. lances. A policy based on deregulation, proposed by From 1967 to 1972, he headed the Prognoses Divisi- supply side economists, also has an inbuilt risk of on at the Ministry of the Economy and Finance. In 1972, causing social pressures and reducing aggregate he became general director of the Institut national de la demand. statistique et des études économiques (INSEE). In In precisely these social circumstances, a stream of 1988, he was appointed a professor at the College de economic thought – the theory of economic imbalan- France, where he will work until his retirement. ce – emerged. It atttempted a new synthesis between Edmond Malinvaud has contributed to economic Keynes and neo-classical economics. It developed theory, not only as an author of brilliantly written text- primarily in France, with Malinvaud standing at its books in the area of statistical econometric methods, head. In working out the theory of economic imbalan- micro-economics and macro-economics, but meanly ce, Malinvaud relied on the work of the founders of as a pioneer of the theory of economic imbalance. this theoretical conception: A. Leijonhufvud and R.W. He produced a typology of states of unemployment Clower from the 1960s. The basic theoretical postulates aims in the given market. As a result, it changes its of the new synthesis behaviour in other markets. The company with stag- nating demand for its product, reduces its demand The new synthesis (the theory of economic imba- for labour. The worker, who is involuntarily unemplo- lance) preserves the assumption from neo-classical yed reduces his consumption. economics of the optimal behaviour of economic entities, but it rejects the idea of immediate adaptati- Money as the connecting link between on of prices. As soon as we abandon the idea of income and expenditure Walras’ auctioneer, variable adaptation of supply and demand are more important than prices. After rejecting Walras’ hypothesis, according to The theory of economic imbalance starts from the which no exchange is carried out outside balance, hypothesis that prices are fixed in the short-term and the theorists of economic imbalance had to re-evalu- that changes in the market can happen with unba- ate the role of money in the economic system, which lanced prices. In contrast to neo-classical theory, they analyse. which assumes the simultaneous establishment of For Walras, money was not important, because its balance in all markets, imbalance theorists consider function was reduced only to a calculating unit. Eve- the possibility of only one side of the market adap- rything occurs just as if goods were directly exchan- ting. The economic entity, which finds itself there, stri- ged with each other. All the goods were in a state of kes against limitation, since it cannot fully achieve its balance with money, because all were perfectly liqu- BIATEC, Volume XI, 8/2003 PROFILES OF WORLD ECONOMISTS EDMOND MALINVAUD 29 id. Nothing was out of balance with money, no tra- which serves as a measure of value. The fact that naction was possible. Therefore, Walras’ economy is goods cannot be exchanged directly for each other a barter and not a monetary economy. means that a supply of goods does not automatical- The theory of economic imbalance criticizes this ly create a demand for other goods, so that in conception and brings money into economic analy- a monetary economy, the functions of demand are ses. It does this, simply because we observe it there exposed to limitations, which the economics of in reality. Money really exists, so theory must take it a natural economy do not recognize. By introducing into account, it cannot consider an exchange econo- money into economic analysis, the way is opened my, which does not exist in practice. to research limited demand, that is, a type of For goods to be sold for goods, a state of balance demand in which purchasing ability is limited by in the exchange economy must exist in the exchan- various factors. ge economy, which is only possible when the goods According to Malinvaud, money enables the imple- are liquid. However, this never happens in reality, mentation of normal transactions in the market. The because money enables the implementation of nor- only condition, which must be fulfilled is that the par- mal transactions. ticipants in the exchange agree on the price. This is However, the theorists of economic imbalance do usually different from a balanced price, in spite of the not address their criticism only to the static Walras fact that the participants in the exchange act volun- model, but also to the contemporary representatives tarily always if they think that it suits their preference. of neo-classical economics and the Keynesian – This is entirely possible, because individual actors in neo-classical synthesis, in the way they integrate exchange are situated in unequal positions, where money into their theoretical conceptions. the quantities of goods and money available to them The representatives of the theory of imbalance are concerned. consider the attempts of contemporary neo-classical The prices at which transactions take place are economics to introduce money into analyses of the fixed and deformed prices. They are called fixed to Walras balance, either by the Patinkin-Friedman or distinguish them from prices in economic balance, Pesek-Saving methods, to be unsuccessful because which are produced by a process of tatonnement. they neutralize the money by making it only an ordi- The designation deformed prices is used in the nary witness, which makes no essential change to sense that they are prices determined outside the functioning of the barter economy. According to balance. supporters of the theory of economic imbalance, This means that exchange at deformed prices is money is not passive. It has its own role in the pro- associated with economic imbalance, and since cess of exchange and by fulfilling it, puts markets transaction money leads to exchange at deformed into a state of imbalance. prices, this means that money is also associated In the Keynesian – neo-classical synthesis, money with imbalance. A monetary economy is, therefore, is understood as a sort of goods while goods are inevitably an imbalanced economy. understood as money, but in reality they are not. Thus, although the authors of the Keynesian – neo- Malinvaud’s contribution to researching the classical synthesis bring money into economic ana- connection: money – imbalances - markets lysis, their ideas do not really go beyond the frame- work of the barter economy. According to Malinvaud, money does not create The theory of economic imbalance places the con- imbalance by itself. It is not the cause of the origin of ception of the monetary economy against the con- the imbalances. However, the existence of money ception of the barter economy. Since it introduces makes it possible for imbalances to arise, because money into the economic analysis in the phase of money enables the implementation of normal trans- exchange, it emphasizes the transaction function of actions outside balance, that is, at prices, which are money and does not devote attention to its function not balanced, but deformed. The presence of money as a preserver of value. (Money as a preserver of is an obstacle to the reduction of imbalances, becau- value represents a link between the present and the se when exchange occurs at deformed prices, it future and so enables speculation. This function of means that the process of „tatonnement“ is suppres- money is emphasized in the Keynesian theoretical sed, annulment of surpluses of supply or demand system). does not occur, and the result is the origin of quanti- Thus, we find ourselves in a monetary economy, tative limitations. Quantitative limitations, like defor- in which goods are not exchanged for goods, either med prices, are gradual processes of contamination directly or indirectly, by means of one of the goods, transferred from one market to another. This pre- BIATEC, Volume XI, 8/2003 PROFILES OF WORLD ECONOMISTS 30 EDMOND MALINVAUD supposes that vertical links should exist between ment, which we briefly presented, leads to two markets. important conclusions: Malinvaud’s analysis starts from the hypothesis of 1. The measures of economic policy directed the existence of two markets – the market for goods towards reducing unemployment should depend on and the market for labour - each of which may be in the specific type of unemployment found in the a state of imbalance. Four different configurations country. can occur: 2. Just as Keynes saw the neo-classical analysis Malinvaud calls the first of them Keynesian unem- as a sort of partial configuration of his own theoreti- ployment. Companies, which do not find enough cal system, Malinvaud understands the theory of demand for their products, reduce employment. Hou- economic imbalance as a broader economic con- seholds, which do not have enough employment ception in relation to Keynesian economics.
Load more

Recommended publications
  • From Uncertainty to Macroeconomics and Back: an Interview With
    From uncertainty to macroeconomics and back: An interview with Jacques Drèze, by Omar Licandro and Pierre Dehez Jacques H. Drèze Member, Centre for Operations Research and Econometrics And retired professor, Université Catholique de Louvain Voie du Roman Pays 34 B 1348 Louvain-la-Neuve, Belgium Tel: +32-10-474 347 Fax +32-10-474 301 [email protected] Omar Licandro Professor, European University Institute Villa San Paolo Via della Piazzuola 43 I 50133 Florence, Italy Tel: +39-055-4685 953/954 Fax: +39-055-4685 902 [email protected] Pierre Dehez, Professor at the Department of Economics and Centre for Operations Research and Econometrics Université Catholique de Louvain Voie du Roman Pays 34 B 1348 Louvain-la-Neuve, Belgium Tel: +32-10-472 934 Fax +32-10-474 301 [email protected] Uncertainty to macroeconomics and back Contact person: Pierre Dehez Centre for Operations Research and Econometrics, Université Catholique de Louvain, Voie du Roman Pays 34, B 1348 Louvain-la-Neuve, Belgium. Tel: +32-10-472 934 Fax +32-10-474 301 [email protected] Keywords: uncertainty, general equilibrium, second best rigidities, coordination failures 2 Uncertainty to macroeconomics and back Introduction Jacques Drèze was born in Verviers, Belgium, in 1929 and completed his PhD in Economics in 1958 at Columbia. His contribution to economics is exceptional, opening up new paths of research in various areas including general equilibrium, decision theory, game theory, econometrics (in particular Bayesian econometrics), followed by contributions to macroeconomics and economic policy. Drèze has been president of the Econometric Society, as well as associate editor and co-editor of Econometrica; founding member and first president of the European Economic Association; president of the International Economic Association, and honorary member of the American Economic Association and the National Academy of Sciences.
    [Show full text]
  • 1 Syllabus: Political Economy of Development: G8412 (Fall 2009)
    Syllabus: Political Economy of Development: G8412 (Fall 2009) Macartan Humphreys 701 IAB | [email protected] |Telephone: 47431 | Hours: Friday 2-4 Overview This class provides an introduction to contemporary research on the political economy of development. The major questions to be addressed by the course are: How central is politics to economic development? How do political institutions determine policy choices? How do economic structures in turn impact on politics? Why do governments employ policies that hinder development? Why do seemingly inefficient institutions survive? What accounts for political accountability? How important are international effects relative to domestic features? One of the aims of the discussion in the class will be to test abstract theories of development using in-depth knowledge of cases, and to further our understanding of cases by applying lessons from theoretical and statistical work. 1 Big Picture 1.1 14 SEPT ECONOMIC GROWTH : APPROACHES AND PATTERNS 1.2 21 SEPT HISTORICAL LEGACIES 1.3 28 SEPT STATES 1.4 05 OCT INTERNATIONAL AID 2 Going Micro: New research on development political economy 2.1 12 OCT EXPERIMENTAL AND QUASI EXPERIMENTAL METHODS IN DEVELOPMENT STUDIES 2.2 19 OCT POLITICAL ACCOUNTABILITY AND INFORMATION 2.3 26 OCT REDISTRIBUTIVE POLICIES , CLIENTELISM AND CORRUPTION 2.4 09 NOV ETHNIC POLITICS AND ECONOMIC DEVELOPMENT 2.5 16 NOV VIOLENCE 2.6 23 NOV AID INTERVENTIONS AND PARTICIPATION 2.7 30 NOV ENVIRONMENT AND POLITICS 3 Topics Menu (Two of which are to be selected by the class) 3.1 SOME DEBATES 3.2 RIVAL GOALS , RIVAL PATHS 3.3 INEQUALITY 3.4 MANAGEMENT OF NATURAL RESOURCES 3.5 TRADE POLICY 3.6 BEING A DICTATOR 3.7 THE POLITICS OF PRIVATIZATION AND INVESTMENT 3.8 LEGAL REFORM 3.9 AGRICULTURE 3.10 HEALTH 3.11 LEADERS AND DECISION MAKING 1 Requirements To do now: Fill up this form before Wednesday 16 September : http://spreadsheets.google.com/viewform?formkey=dE5xTnNnSEZOcHpONUJFMEhleW44c0E6MA .
    [Show full text]
  • The History of Macroeconomics from Keynes's General Theory to The
    The History of Macroeconomics from Keynes’s General Theory to the Present M. De Vroey and P. Malgrange Discussion Paper 2011-28 The History of Macroeconomics from Keynes’s General Theory to the Present Michel De Vroey and Pierre Malgrange ◊ June 2011 Abstract This paper is a contribution to the forthcoming Edward Elgar Handbook of the History of Economic Analysis volume edited by Gilbert Faccarello and Heinz Kurz. Its aim is to introduce the reader to the main episodes that have marked the course of modern macroeconomics: its emergence after the publication of Keynes’s General Theory, the heydays of Keynesian macroeconomics based on the IS-LM model, disequilibrium and non-Walrasian equilibrium modelling, the invention of the natural rate of unemployment notion, the new classical attack against Keynesian macroeconomics, the first wave of new Keynesian models, real business cycle modelling and, finally, the second wage of new Keynesian models, i.e. DSGE models. A main thrust of the paper is the contrast we draw between Keynesian macroeconomics and stochastic dynamic general equilibrium macroeconomics. We hope that our paper will be useful for teachers of macroeconomics wishing to complement their technical material with a historical addendum. Keywords: Keynes, Lucas, IS-LM model, DSGE models JEL classification: B 22, E 10, E 20, E 30 ◊ IRES, Louvain University and CEPREMAP, Paris. Correspondence address : [email protected] The authors are grateful to Liam Graham for his comments on an earlier version of the paper. 1 Introduction Our aim in this paper is to introduce the reader to the main episodes that have marked the course of macroeconomics.
    [Show full text]
  • In Memory of Edmond Malinvaud by Roger Guesnerie
    In Memory of Edmond Malinvaud Roger Guesnerie, President of the Paris School of Economics Edmond Malinvaud passed away at the beginning of March, in his ninety-second year. His career was in many regards exceptional: he was one of the most influential French economists of the twentieth century, both in his own country and around the world. A multi-faceted career Top public servant, scholar and teacher, Edmond Malinvaud’s professional life took many forms, and for more than half a century, often at the highest level in each of these fields. As a top-ranking public servant almost all of his professional life, he held several positions of responsibility. After Polytechnique, he chose to join the Institut National de la Statistique et des Etudes Economiques (INSEE), of which he remained a member until his election to the Collège de France in 1987. He played a determining role in the establishment of the Ecole Nationale de la Statistique et de l’Administration Economique, (ENSAE), of which he was the second director, from 1962 to 1966. Then, following his appointment as head of the Direction de la prévision of the Finance Ministry, he returned to INSEE as its director, from 1974 to 1987. In these last two posts, his energy and collegiality impressed everyone and he left a profound mark on the development of studies in both of these institutions. Edmond Malinvaud established himself as a scholar after a stay in the United States. In particular, on the basis of fruitful interactions with colleagues at the Cowles Foundation he produced a theoretical paper on the accumulation of capital that became a classic of the decade1.
    [Show full text]
  • Cesifo Working Paper No. 7060 Category 7: Monetary Policy and International Finance
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Linnemer, Laurent; Visser, Michael Working Paper Jean-Michel Grandmont - A Forthcoming Mind CESifo Working Paper, No. 7060 Provided in Cooperation with: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich Suggested Citation: Linnemer, Laurent; Visser, Michael (2018) : Jean-Michel Grandmont - A Forthcoming Mind, CESifo Working Paper, No. 7060, Center for Economic Studies and ifo Institute (CESifo), Munich This Version is available at: http://hdl.handle.net/10419/180322 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially
    [Show full text]
  • Curriculum Vitae
    August 2017 CURRICULUM VITAE FULL NAME: Peter Charles Bonest Phillips DATE & PLACE OF BIRTH: March 23, 1948; Weymouth, England AGE & MARITAL STATUS: 69 years; married (Deborah Blood), three children (Daniel Lade, Justin Bonest, Lara Kimberley) OFFICE ADDRESS & CONTACTS: Cowles Foundation for Research in Economics Yale University Box 208281 Yale Station New Haven, Connecticut USA 06520-8281 Telephone: (203) 432-3695 (office) Fax: (203) 432-6167 (office) e-mail & web sites: peter.phillips at yale.edu econometric.theory at yale.edu (Journal e-mail) Web site: korora.econ.yale.edu Personal Page: korora.econ.yale.edu/phillips Cowles Page: cowles.econ.yale.edu/faculty/phillips.htm Econometric Theory : korora.econ.yale.edu/et.htm Econometric Exercises: econometricexercises.econ.yale.edu/ SECONDARY EDUCATION: 1961-65 Mount Albert Grammar School (Auckland, New Zealand) 1964 John Williamson Scholarship Auckland Savings Bank Scholarship 1965 Dux of School DEGREES: 1969 B.A. (Auckland) with Economics, Mathematics and Applied Mathematics to third year 1971 M.A. (First Class Honours; Auckland) in Economics. Dissertation supervised by A. R. Bergstrom, and entitled "The Structural Estimation of Stochastic Differential Equation Systems." 1974 Ph.D (University of London: London School of Economics and Political Science). Field of Study: Econometrics. Supervisor: J. D. Sargan. Thesis entitled "Problems in the Estimation of Continuous Time Models." HONORARY DOCTORATES: D.Univ (University of York, 2012); D.Phil (Cyprus, 2017) 2 SCHOLARSHIPS AND PRIZES: 1966
    [Show full text]
  • General Equilibrium with Endogenous Uncertainty and Default
    Abstract In this paper we study the introduction of new assets which are oftenly observed to be de…ned in expected values rather than state by state, called the Arrow-Lind-Malinvaud (ALM) assets. We demonstrate that individual default emerges naturally in an economy where such ALM assets are introduced without completing all contingency mar- kets. We further provide conditions under which individual default is propagated endogenously into a collective risk of widespread default in general equilibrium. General Equilibrium with Endogenous Uncertainty and Default Graciela Chichilnisky y and Ho-Mou Wu yy May 2006 Keywords: Default, …nancial innovation, individual risk, collective risk, endogenous uncertainty To appear in Journal of Mathematical Economics. This paper was presented at the First Gerard Debreu Lecture given by Graciela Chichilnisky at the General Equilibrium Workshop of University of Zurich on May 21, 2005. It was …rst circulated at Stanford University’s Stanford Institute for Theoretical Economics (SITE) as Technical Report No. 50, by Chichilnisky and Wu, dated August 1992. We are grateful to Kenneth Arrow, David Cass, Edmond Malinvaud, the anonymous referees of this journal and participants at the GE workshop of University of Zurich and the SITE Workshop at Stanford University. We are particularly grateful for support from the SITE workshop of Stanford University and from Columbia University’sProgram on Information and Resources (PIR) and its Consortium on Risk Management (CCRM). yColumbia University,email: gc9@columbia,edu yyCollege of Management, National Taiwan University and China Center for Economic Research (CCER), Peking University, email:[email protected] 1 Introduction New …nancial instruments are introduced every day including indices, deriv- atives and innovative forms of government debt.
    [Show full text]
  • Econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Malinvaud, Edmond Working Paper On methodology in macroeconomics-with application to the demand for unskilled labour Working Paper, No. 0113 Provided in Cooperation with: Johannes Kepler University of Linz, Department of Economics Suggested Citation: Malinvaud, Edmond (2001) : On methodology in macroeconomics-with application to the demand for unskilled labour, Working Paper, No. 0113, Johannes Kepler University of Linz, Department of Economics, Linz This Version is available at: http://hdl.handle.net/10419/73212 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu DEPARTMENT OF ECONOMIICS JOHANNES KEPLER UNIIVERSIITY OF LIINZ On methodology in macroeconomics – with application to the demand for unskilled labour by Edmond Malinvaud Working Paper No.
    [Show full text]
  • Brief Biography of Kotaro Suzumura
    Brief Biography of Kotaro Suzumura July 20, 2005 Kotaro Suzumura is Professor of Public Economics at the Institute of Economic Research, Hitotsubashi University. Since 2003, he has been serving as the Director of Competition Policy Research Center within the Fair Trade Commission of Japan. He is also the leader of the 21 st Century Center of Excellence (COE) Project on Normative Evaluation and Social Choice of Contemporary Economic Systems at Hi- totsubashi University. He was born in Tokoname, Aichi Prefecture, Japan on the 7th of January 1944. After graduating from Hitotsubashi University in 1966 majoring in economics, he completed his Ph. D course work at Hitotsubashi University in 1971. It was in 1980 that he received the doctoral degree (Doctor in Economics) from Hitotsubashi University. His doctoral dissertation, which was subsequently published by Cam- bridge University Press in 1983, was Rational Choice, Collective Decisions and Social Welfare. He has taught at Department of Economics, Hitotsubashi University in 1971-73 and then at Kyoto Institute of Economic Research, Kyoto University in 1973-82. He joined the Institute of Economic Research, Hitotsubashi University in 1982. He also taught at London School of Economics in 1974-76, Stanford University in 1979-80, Australian National University in 1986, University of Pennsylvania in 1987, Essex University in 1990-91, and the University of British Colombia in 1994. He was a Visiting Fellow at All Souls College, Oxford University in 1988, a Fulbright Senior Research Fellow at Harvard University in 1993, and a Visiting Fellow Commoner at Trinity College, Cambridge University in 2001. He is a Fellow of the Econometric Society since 1990.
    [Show full text]
  • Edmond Malinvaud's Criticisms of the New
    EDMOND MALINVAUD’S CRITICISMS OF THE NEW CLASSICAL ECONOMICS: RESTORING THE NATURE AND THE RATIONALE OF THE OLD KEYNESIANS’ OPPOSITION BY MATTHIEU RENAULT* Abstract Unlike standard accounts, recent research in the history of macroeconomics has given increasing attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I address the case of Edmond Malinvaud, who began opposing the latter from the early 1980s and did so throughout the following thirty years. This study shows that his opposition was radical, i.e., multidimensional and systematic, and owes to the methodology and the practice of macroeconometric modeling. In turn, this twofold result sheds light on the nature and the rationale of the Old Keynesians’ opposition to the New Classical Economics from the 1970s onwards, which can be interpreted along the same lines. *Universidade de São Paulo, Brazil. Email: [email protected] This “preprint” is the peer-reviewed and accepted typescript of an article that is forthcoming in revised form, after minor editorial changes, in the Journal of the History of Economic Thought (ISSN: 1053-8372), issue TBA. Copyright to the journal’s articles is held by the History of Economics Society (HES), whose exclusive licensee and publisher for the journal is Cambridge University Press (https://www.cambridge.org/core/journals/journal-of-the-history-of-economic-thought ). This preprint may be used only for private research and study and is not to be distributed further. The preprint may be cited as follows: Renault, Matthieu. “Edmond Malinvaud’s Criticisms of the New Classical Economics: Restoring the Nature and the Rationale of the Old Keynesians’ Opposition”.
    [Show full text]
  • Productivity, Profitability, Wages and Unemployment: the Impact of Malinvaud’S Theory of Rationing in Germany
    PRODUCTIVITY, PROFITABILITY, WAGES AND UNEMPLOYMENT: THE IMPACT OF MALINVAUD’S THEORY OF RATIONING IN GERMANY Documents de travail GREDEG GREDEG Working Papers Series Harald Hagemann GREDEG WP No. 2020-54 https://ideas.repec.org/s/gre/wpaper.html Les opinions exprimées dans la série des Documents de travail GREDEG sont celles des auteurs et ne reflèlent pas nécessairement celles de l’institution. Les documents n’ont pas été soumis à un rapport formel et sont donc inclus dans cette série pour obtenir des commentaires et encourager la discussion. Les droits sur les documents appartiennent aux auteurs. The views expressed in the GREDEG Working Paper Series are those of the author(s) and do not necessarily reflect those of the institution. The Working Papers have not undergone formal review and approval. Such papers are included in this series to elicit feedback and to encourage debate. Copyright belongs to the author(s). Productivity, Profitability, Wages and Unemployment: The Impact of Malinvaud’s Theory of Rationing in Germany Harald Hagemann* GREDEG Working Paper No. 2020-54 1. Introduction Malinvaud’s The Theory of Unemployment Reconsidered (1977) was well received in the German economics profession ever since the 1977 conference of the Verein für Socialpolitik in Münster, where Werner Hildenbrand had organized a special session on Malinvaud’s book. The main speaker “On the Dynamics of Temporary Equilibria with Quantity Rationing” had been Volker Böhm (1978a), from 1973-77 Assistant Professor at CORE, Université Catholique de Louvain, from 1977-94 Professor at the University of Mannheim and thereafter at Bielefeld until his retirement in 20091.
    [Show full text]
  • 1 Syllabus: Political Economy of Development: G8412 (Fall 2010)
    Syllabus: Political Economy of Development: G8412 (Fall 2010) Mondays 2:10pm-4:00pm | 711 IAB Macartan Humphreys 701 IAB | [email protected] |Telephone: 47431 Overview This class provides an introduction to contemporary research on the political economy of development. The major questions to be addressed by the course are: How central is politics to economic development? How do political institutions determine policy choices? How do economic structures in turn impact on politics? Why do governments employ policies that hinder development? Why do seemingly inefficient institutions survive? What accounts for political accountability? How important are international effects relative to domestic features? One of the aims of the discussion in the class will be to test abstract theories of development using in-depth knowledge of cases, and to further our understanding of cases by applying lessons from theoretical and statistical work. 1 Big Picture 1.1 13 SEPT ECONOMIC GROWTH : APPROACHES AND PATTERNS 1.2 20 SEPT HISTORICAL LEGACIES 1.3 27 SEPT STATES 1.4 04 OCT INTERNATIONAL AID 2 Going Micro: New research on development political economy 2.1 11 OCT IDENTIFICATION 2.2 18 OCT ACCOUNTABILITY 2.3 25 OCT REDISTRIBUTION 2.4 08 NOV POWER 2.5 15 NOV DIVISIONS 2.6 22 NOV VIOLENCE 2.7 29 NOV AID AGAIN 2.8 6 DEC ENVIRONMENT 2.9 13 DEC HEALTH 3 Further Reading 3.1 SOME DEBATES 3.2 RIVAL GOALS , RIVAL PATHS 3.3 INEQUALITY 3.4 TRADE POLICY 3.5 THE POLITICS OF PRIVATIZATION AND INVESTMENT 3.6 LEGAL REFORM 3.7 AGRICULTURE 3.8 LEADERS AND DECISION MAKING 3.9 MANAGEMENT OF NATURAL RESOURCES 1 Requirements To do now: Fill up this form before Tuesday 14 September midnight; you will not be admitted if you do not complete this form by midnight Tuesday 14 September : https://spreadsheets.google.com/viewform?formkey=dDBNRXZTY2Zoc0NIeDkxYTlDSDltTVE6MA 1.
    [Show full text]