The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 79: Don Patinkin

Goulven Rubin

Abstract

Patinkin was the author of Money, Interest and Prices, a book that has often been considered as the epitome if not the apex of the “neoclassical synthesis”. Money, Interest and Prices was important because of Patinkin’s attempt to integrate fiat money to the general equilibrium theory. However, Patinkin’s book was also the source of the disequilibrium interpretation of the Keynesian theory. This approach, taken up by Robert Clower, opened the way to the disequilibrium theories that developed circa the 1970s in the works of Axel Leijonhufvud, Robert Barro and Herschel Grossman, or Jean-Pascal Benassy. It also orientated Patinkin’s scholarly reading of John Maynard Keynes’s works presented in Keynes’ Monetary Thought or Anticipations of the General Theory? And other Essays on Keynes, works that established Patinkin’s reputation as a major interpreter of Keynes’s thought.

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