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Keynes with a Perfectly Competitive Goods Market

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  • Dutt, Amitava Krishna

Abstract

A 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

Suggested Citation

  • Dutt, Amitava Krishna, 1987. "Keynes with a Perfectly Competitive Goods Market," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 275-293, December.
  • Handle: RePEc:bla:ausecp:v:26:y:1987:i:49:p:275-93
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    References listed on IDEAS

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    1. H.F. Campbell & R.K. Lindner, 1982. "Effect of the Resource Rent Tax on Mineral Exploration," School of Economics Working Papers 1982-06, University of Adelaide, School of Economics.
    2. Harry F. Campbell, 1980. "The Effect of Capital Intensity on the Optimal Rate of Extraction of a Mineral Deposit," Canadian Journal of Economics, Canadian Economics Association, vol. 13(2), pages 349-356, May.
    3. Hyde, Robert & Markusen, James R, 1982. "Exploration Versus Extraction Costs as Determinants of Optimal Mineral-Rights Leases," The Economic Record, The Economic Society of Australia, vol. 58(162), pages 224-234, September.
    4. Richard Dowell, 1978. "Resources Rent Taxation," Australian Journal of Management, Australian School of Business, vol. 3(2), pages 127-146, October.
    5. Hayne E. Leland, 1978. "Optimal Risk Sharing and the Leasing of Natural Resources, with Application to Oil and Gas Leasing on the OCS," The Quarterly Journal of Economics, Oxford University Press, vol. 92(3), pages 413-437.
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    Cited by:

    1. Jochen Hartwig, 2006. "Explaining the aggregate price level with Keynes's principle of effective demand," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 469-492.
    2. Mauro Boianovsky, 2002. "Patinkin, the Cowles Commission, and the theory of unemployment and aggregate supply," The European Journal of the History of Economic Thought, Taylor & Francis Journals, pages 226-259.
    3. Mark Hayes, 2006. "On the efficiency of fair trade," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 447-468.
    4. 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.
    5. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Study Group (PKSG), number nggt.

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