IDEAS home Printed from
   My bibliography  Save this article

Imperfectionism in Macroeconomics: New Light on an Old Controversy


  • J E King


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

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. 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.
    2. J. E. King, 1999. "Introduction," Review of Political Economy, Taylor & Francis Journals, vol. 11(3), pages 251-255.
    3. 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, Taylor & Francis Journals, vol. 23(1), pages 3-25, September.
    4. 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.
    5. Paul Davidson, 2002. "Keynes versus Kalecki: Responses to Lopez and Kriesler," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 24(4), pages 631-641, July.
    6. 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.
    7. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. 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). General contact details of provider: .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.