The monopolistic competition revolution in retrospect
AbstractIn this paper we argue that there have been two monopolistic competition revolutions. The first was started by Joan Robinson and Edward Chamberlin in the 1930s but failed to have much impact on economic theory. The second was initiated by Avinash Dixit and Joseph Stiglitz in the early 1970s. Their revolution succeeded because it yielded an analytically tractable model of Chamberlinian monopolistic competition (the ``large group'' case). This model has been used in such diverse fields as international trade theory, economic geography, economic growth theory, and macroeconomics. Its popularity shows no sign of decline.
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Bibliographic InfoPaper provided by University of Groningen, CCSO Centre for Economic Research in its series CCSO Working Papers with number 200215.
Date of creation: 2002
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-03-19 (All new papers)
- NEP-HPE-2003-03-19 (History & Philosophy of Economics)
- NEP-IND-2003-03-19 (Industrial Organization)
- NEP-MIC-2003-03-25 (Microeconomics)
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