This Symposium consists of individual comments by three authors on papers previously published by the other two (Allain, 2009, Hartwig, 2007 and Hayes, 2007) on the topic of Keynes’s principle of effective demand as set out in The General Theory. The Symposium includes updated versions of PKSG...

The present paper argues that Keynes's theory of aggregate employment assumes perfect competition (understood as price-taking, in the modern sense promoted by Joan Robinson in her 1934 article) in the markets for current output and for existing capital-goods. The degree of competition, to which...

Keynes's principle of effective demand constitutes a pillar for Post Keynesian theories. But Keynes's presentation remains difficult to interpret, mainly because the aggregate demand function is based on entrepreneurs' expectations. The problem is, then, to demonstrate how these entrepreneurs...

Post-Keynesian economists have quite recently begun to draw attention to the consumer debt. However, as they omit the principal payment, they implicitly assimilate this debt as perpetual loans. The goal of this article is mainly methodological. We first develop a ‘Keynesian’ overlapping...

The aim of this short article is to build a model in order to take into account capital scrapping (or bankruptcies) in an income distribution and growth model. The reason to introduce capital scrapping results from the intuition of some inconsistencies between theoretical predictions and...

A l'aide d'un modèle postkeynésien, nous cherchons à déterminer si l'économie française est profit-led ou wage-led, c'est-à-dire si une hausse de la part des profits a un effet positif ou négatif sur la croissance économique. Nous évaluons les trois équations de comportement de notre...

Book review: Liêm Hoang-Ngoc "Le fabuleux destin de la courbe de Phillips. Les théories de l'inflation et du chômage après Keynes"

This article presents a Kaleckian model enriched by introducing autonomous public expenditure which grows at an exogenous rate. It shows that the usual properties are not affected in the short run: growth is wage-led. But long run properties are strongly affected: public expenditure plays a role...

This paper is a contribution to a symposium mutually reviewing papers on Keynes's principle of effective demand as set out in The General Theory, by Allain (2009. Effective demand and short-term adjustments in the General Theory, Review of Political Economy, vol. 21, 1–22), Hartwig (2007....