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The Making of Chapters 13 and 14 of Patinkin's Money, Interest, and Prices
Ist Teil von
History of political economy, 2006-07, Vol.38 (2), p.193-249
Ort / Verlag
Durham: Duke University Press
Erscheinungsjahr
2006
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
Between the 1950s and the 1970s a controversy took place over whether Keynesian unemployment should be understood as an equilibrium (as in Hicks's IS-LM model) or disequilibrium phenomenon. The theoretical center of that debate was Don Patinkin's Money, Interest, and Prices, published for the first time 50 years ago. Patinkin put forward in chapters 13 and 14 the claim that involuntary unemployment should be understood as a disequilibrium phenomenon with both workers and firms off their respective labor supply and labor demand curves. Although it is true that Patinkin was groping for a theoretical explanation of involuntary unemployment featuring points off the labor supply curve, the explanation eventually advanced in chapters 13 and 14 did not evolve in Patinkin's mind from one step to the next, so much as he picked up explanations, then discarded them, backtracked, and zigzagged from one to the next. This article will present evidence to affirm this from mostly Patinkin's papers and correspondence.