Table Of ContentKEYNESIAN ECONOMIC POLICIES
Also edited by Alain Barrere
THE FOUNDAT IONS OF KEYNESIAN ANALYSIS
MONEY, CREDIT AND PRICES IN KEYNESIAN PERSPECTIVE
Keynesian Economic Policies
Proceedings of a Conference held
at the University of Paris I -
Pantheon-Sorbonne
Edited by
Alain Barn!re
Professor of Economics
University of Paris I - Pantheon-Sorbonne
Palgrave Macmillan
ISBN 978-1-349-08908-6 ISBN 978-1-349-08906-2 (eBook)
DOI 10.1007/978-1-349-08906-2
© Association pour le Deve10ppement des Etudes Keynesiennes, 1990
Softcover reprint of the hardcover 1s t edition 1990
All rights reserved. For information, write:
Scholarly and Reference Division,
St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010
First published in the United States of America in 1990
Typeset in the U.K. by P&R Typesetters Ud, Salisbury, WiItshire
ISBN 978-0-312-03019-3
Library of Congress Cataloging-in-Publication Data
Keynesian economic policies: proceedings of a conference held at the
University of Paris I - Pantheon-Sorbonne/edited by Alain Barrere.
p. cm.
Papers presented at a conference held at the University of Paris,
Sept. 12-15, 1983 and organised by the University of Paris 1-
Pantheon-Sorbonne and Centre national de la recherche scientifique.
Inc1udes index.
ISBN 978-0-312-03019-3
1. Keynesian economics-Congresses. 2. Economic policy
-Congresses. I. Barrere, Alain. 11. Universite de Paris I:
Pantheon-Sorbonne. III. Centre national de la recherche
scientifique (France)
HB99.7.K3953 1990
338.9-dc 19 88-38735
CIP
Editor' s Note
This collection of essays and the two companion volumes, The
Foundations of Keynesian Analysis and Money, Credit and Prices
in Keynesian Perspective, were presented at a conference held to
commemorate the centenary of the birth of lohn Maynard Keynes at
the University of Paris on 12-15 September 1983.
The U niversity of Paris 1-Pantheon-Sorbonne and the CNRS
Centre National de la Recherche Scientifique - organised the conference
and made this volume possible.
A.B.
v
Contents
N otes on the Contributors IX
Introduction
Alain Barrere
Economic Policies: Three Contributions 11
A Wages and Prices: Some Remarks on Contemporary
Economic Policies from the Perspective of Keynes' s
Theory
Raymond Barre 11
BAre Keynesian Policies Applicable to Current
Conditions?
Jean-Marcel Jeanneney 16
C The International Monetary System
Jacques Delors 23
PART I El\:1PLOYMENT AND WAGES
2 Disequilibrium on the Labour Market
Edmond M alinvaud 31
3 Money, Wages and Distribution
Gerard Grellet 53
PART ß THE INTERNATIONAL MONETARY ECONOMY
4 From National Macroeconomics to World
Macroeconomics: A Contribution to the Macroeconomics
of Space
Paul Mandy 63
vii
Vlll Contents
5 A Tardy Autopsy of the 1943 Keynes Plan for an
'International Clearing Union' - its Merits and
Drawbacks
Robert Triffin 90
6 Liquidity Proposals for a New Bretton Woods Plan
Paul Davidson 101
Conduding Remarks
Renaud de la Geniere 113
PART III REGULATION AND ECONOMIC POLICY
7 The Forms of Organisation Implicit in the General
Theory: An Interpretation of the Success and Crisis of
Keynesian Economic Policies
Robert Bo yer 117
8 The Keynesian Critique of Laissez-Faire
Suzanne de Brunhoff 140
9 Finance and Adjustment in a Monetary Production
Economy
Marie-Helene Devillers 153
10 Disequilibrium and Regulation: A Confrontation between
the Two Approaches
Bernard Ducros 179
Index 187
Notes on the Contributors
Raymond Barre is Professor of Political Economy at the Institut
d'Etudes Politiques de Paris. From 1967 to 1973, he was Vice-President
ofthe EEC Commission (in charge ofEconomic and Monetary Affairs).
In January 1976, he was appointed Ministre du Commerce Exterieur
and was Prime Minister ofFrance between August 1976 and May 1981.
Robert Boyer is a member ofCEPREMAP, a research institute affiliated
with the French Commission on Economic Planning. Before assuming
his current position, he worked in the forecasting department of the
Finance Ministry. He teaches economics at the University of Paris I
and the Ecole des Hautes Etudes en Sciences Sociales. M. Boyer
has written on inflation, the labour market, technical progress,
macroeconomic modelling and economic policies in historical and
international perspectives. He is co-author of Accumulation, l1iflation,
Crises (1983).
Suzanne de Brunholf is a Senior Researcher in the economic section of
the Centre National de la Recherche Scientifique, Paris, and a Professional
Fellow at the University of Paris X. Her main publications are concerned
with the theory of money and economic policy. She is the author of
M arx on M oney, and The State, Capital and Economic Policy, translated
into several languages.
Paul Davidson is the occupant of the J. Fred Holly Chair of Excellence
in Political Economy at the University ofTennessee, Knoxville (USA).
He was previously Professor of Economics and Associate Director of
the Bureau of Economic Research at Rutgers University. He also held
senior visiting posts at the Bank of England, the Institute for Advanced
Studies in Vienna and at the Universities of Cambridge and Bristol.
Since 1978 he has been editor of the Journal of Post-Keynesian
Economics. Apart from numerous articles in leading economic journals,
he has published several books, the most recent of which are Money
and the Real World (2nd edition, 1978), International Money and the
Real World (1982) and (with Greg Davidson) Economicsfor a Civilized
Society (1988).
ix
x N otes on the Contributors
Jacques Delors is Associate Professor of Economics at the University
Paris-IX (Paris-Dauphine) and Professor at the Ecole Nationale
d' Administration. He has published numerous articles and is the author
of Les Indicateurs Sociaux and Changer. From 1981 to 1984, he was
Ministre de I' Economie, des Finances et du Budget of France. He is
President of the EEC Commis si on.
Marie-Helene Devillers is a research fellow at the Centre National de
la Recherche Scientifique, Paris, and works at the University of
Maryland. Her research is concerned with Keynesian theory, monetary
a
and financial analysis. She is the author of Du Traite sur la M onnaie
a
la Theorie Generale and De l' Economie d' Echanges Reels I' Economie
Monetaire de la Production - Recherehes Keynesiennes.
Bernard Ducros, after post-graduate studies at the University of Poitiers
from 1946 to 1948 and Lincoln College, Oxford from 1949 to 1950, did
research within the Centre National de la Recherche Scientifique and
the French Ministry of Finance on national income accounting.
Professor agrege in 1956, he was appointed Professor in the University
Saint-Joseph, Beirut, until 1962. From 1962 to 1966 he was Professor
and Head of the Department of Economics of the Faculty of Law and
Economics in the University of Dijon. From 1966 to 1970 he was
Professor of Economics in the Faculty of Law and Economics of the
University of Paris. Since 1970 he has been Professor of Economics in
the University of Paris I - Pantheon-Sorbonne where his fields of
teaching and research have been Macroeconomics and International
Trade.
Renaud de la Geniere is Governor of the Bank of France and Professor
at the Institut d'Etudes Politiques de Paris. He is the author of
numerous articles on monetary problems.
Gerard Grellet is Professor of Economics at the University of Nantes.
He is the author of several books on economic theory and economic
development which include N ouvelles Tendances de l' Economie Politique
and Les Structures Economiques de I' Afrique N oire.
Jean-Marcel Jeanneney, emeritus Professor at the University of Paris-I,
former Minister of Industry and of Social Atfairs, and former Ambassador
of France in Algeria, is currently the President of the Observatoire
Fran~ais des Conjonctures Economiques. He is the author of Pour un
