Summary
Following the examples of Hicks and Modigliani, most economists treat neoclassical and Keynesian theories as special cases of a more general model. In the opinion of Clower, Leijonhufvud and Shackle, Keynes differs from the neoclassics in assuming incomplete information. An analysis of non-tâtonnement pricing shows that the positive correlation between unemployment and real wage rates, still adhered to by Keynes, need not exist. With non-tâtonnement pricing and an-product economy, idleness of capital goods can be explained. The macro-economic production function, implying as it does a one-product, one-producer economy, is misleading.
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Visser, H. Keynes en de neoklassieken: Een herinterpretatie. De Economist 120, 27–51 (1972). https://doi.org/10.1007/BF01461250
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DOI: https://doi.org/10.1007/BF01461250