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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.

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  • 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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    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.
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