Keynes Monopolistic Theory of Employment, Interest, and Money Report as inadecuate

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Competition is usually assumed as the general case in applications of classical and neoclassical economic theory Monopoly is treated as a special case Several leading economists during the thirties sought to develop a general theory of monopoly within which competition might be treated as a special case, among these was John Maynard Keynes This article develops the implications of Keynes' monopolistic assumptions for inflation and unemployment Reconciliations of Keynesian macroeconomics with neoclassical aggregative theory that are based on the assumption that both models are competitive are misleading because they fail to capture the role of monopoly in the Keynesian model

Keywords: Economic theory ; monopoly ; inflation ; unemployment

Subject(s): Financial Economics

Production Economics

Research and Development/Tech Change/Emerging Technologies

Research Methods/ Statistical Methods

Issue Date: 1981-04

Publication Type: Journal Article

PURL Identifier: Published in: Agricultural Economics Research, Volume 33, Number 2 Page range: 7-17

Total Pages: 11

Record appears in: United States Department of Agriculture (USDA) > Economic Research Service > Agricultural Economics Research

Author: Edwards, Clark


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