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Imperfectionism in Macroeconomics: New Light on an Old Controversy

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  • J E King

Abstract

The issues at stake in recent debates about imperfectionism in macroeconomic theory are strikingly similar to questions raised in the revisionist controversy in German Marxism in the later 1890s and beyond. Orthodox Marxists claimed that the law of value could operate effectively only under free competition, while their revisionist critics countered that the growth of monopoly would improve coordination between different sectors of the economy and reduce the severity of crises. Some strange and unwitting intellectual alliances can be identified. New Keynesian thinking shows clear affinities with orthodox Marxism, while Post Keynesian ideas on this question resemble closely those of the revisionists.

Suggested Citation

  • J E King, 2006. "Imperfectionism in Macroeconomics: New Light on an Old Controversy," Economic Issues Journal Articles, Economic Issues, vol. 11(2), pages 39-50, September.
    • Handle: RePEc:eis:articl:206king
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    References listed on IDEAS

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    7. James Tobin, 1993. "Price Flexibility and Output Stability: An Old Keynesian View," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 45-65, Winter.
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