Imperfectionism in Macroeconomics: New Light on an Old Controversy
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.
Volume (Year): 11 (2006)
Issue (Month): 2 (September)
|Contact details of provider:|| Postal: Burton Street, Nottingham, NG1 4BU|
Web page: http://www.economicissues.org.uk
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Howard, M. C. & King, J. E., 2008. "Karl Marx And The Decline Of The Market," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(02), pages 217-234, June.
- J. E. King, 1999. "Introduction," Review of Political Economy, Taylor & Francis Journals, vol. 11(3), pages 251-255.
- 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.
- James Tobin, 1991. "Price Flexibility and Output Stability: An Old Keynesian View," Cowles Foundation Discussion Papers 994R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1991.
- Paul Davidson, 2000. "There Are Major Differences between Kalecki's Theory of Employment and Keynes's General Theory of Employment Interest and Money," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(1), pages 3-25, October.
- Peter Kriesler, 2002. "Was Kalecki an "Imperfectionist"? Davidson on Kalecki," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 24(4), pages 623-630, July.
- Solow, Robert M, 1997. "Is There a Core of Usable Macroeconomics We Should All Believe In?," American Economic Review, American Economic Association, vol. 87(2), pages 230-232, May.
- Paul Davidson, 2002. "Keynes versus Kalecki: Responses to López and Kriesler," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 24(4), pages 631-641, July. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:eis:articl:206king. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dan Wheatley)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.