Demande effective, monnaie et prix de production : une extension circuitiste de la Théorie générale

Abstract

Within the context of circuit theory, we show that the works of Keynes, expanded by those of Sraffa, are still relevant and form the foundations of the post-classical paradigm in construction, that puts together the contributions of neo-Ricardian and post-Keynesian analysis. Sraffa brings his production prices theory and stresses on social conflicts. Keynes provides, through his effective demand theory, the way of determining quantities that lacks to Sraffa and facilitate money integration. The final model brings to the fore that monetary interest rate is a key variable of the system. It allows to determinate wage rate, produced quantities, employment level, expected rate of profit and therefore prices. The wage rate is negociated before knowing the level of employment. It is a cost of production expressing the state of class struggle. The model also shows that disequilibrium is the result of wrong expectations about investment. (Full text in French)