Keynes with a Perfectly Competitive Goods Market
AbstractA geometric model of an economy with a perfectly competitive goods market based on chapters three and five of Keynes's Genera l Theory is developed. Short-run equilibrium, as well as disequilibri um dynamics, using a market period equilibrium concept, are examined. The model is compared to other Keynesian models; this reveals some p roblems with the fixprice microfoundations approach, and shows how th e diagonal cross and post-Keynesian models, despite some problems, ca n be appropriately reformulated and interpreted. Copyright 1987 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Australian Economic Papers.
Volume (Year): 26 (1987)
Issue (Month): 49 (December)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0004-900X
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- Jochen Hartwig, 2004.
"Explaining the Aggregate Price Level with Keynes’s Principle of Effective Demand,"
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- Mark Hayes, 2006. "On the efficiency of fair trade," Review of Social Economy, Taylor and Francis Journals, vol. 64(4), pages 447-468.
- Boianovsky M., 2001.
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- Amitava K. Dutt & Peter Skott, 2005. "Keynesian Theory and the AD-AS Framework: A Reconsideration," UMASS Amherst Economics Working Papers 2005-11, University of Massachusetts Amherst, Department of Economics.
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