This paper focuses on the institutions advocated by Keynes and Friedman to ensure efficiency. As they do not share the same optimism on the self-adjusting capacity of the economy, we first analyze their respective views on laissez-faire but also the place allowed to semi-public bodies and the...

According to Favereau (1985), there are two distinct research projects in Keynes’ General theory, one ‘radical’, the other ‘pragmatic’. Keynes would have first elaborated the radical project, then the pragmatic one in favour of which he would have arbitrated. Moreover, Keynes’...

This paper analyses the employment policy advocated by Keynes during the 1930s, by way of a study of his political writings. First, it is shown that the real role of a public work policy is to coordinate the private initiative, in order to reverse entrepreneurs’ pessimism. Public works...

This paper considers the economic policy advocated by Keynes and Friedman in relation to their particular theoretical framework. They have in common an opposition to fine-tuning of the economy. With regard to the contrasting strategies of rules versus discretion, both would be advocates of...

This paper analyses the proposals Keynes' made in his political writings regarding unemployment, extending arguments made in The General Theory. The first issue is the relevance of voluntary unemployment to an understanding of Keynes' views on 'structural' unemployment. The second issue is the...