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Copyright © Cambridge Political Economy Society

review-article

Malinvaud on Keynes

reviewing: Edmond Malinvaud, The Theory of Unemployment Reconsidered, Basil Blackwell, Oxford, 1977; three lectures delivered for the Yrjö Jahnsson Foundation, Helsinki

Richard Kahn*

*King's College Cambridge

Abstract

This book is likely to have a great success. There is something in it to please everyone Walrasian equilibrium, unemployment that can be reduced by cutting real wages, unemployment that can be reduced by raising real wages, workers who prefer leisure to earnings, savings equal to investment and prices equal to marginal cos—all presented in an ostensibly precise and elegant model. {dagger} But the reader needs to keep his wits about him to follow the intricacies of the argument.


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