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Franco Modigliani and oligopoly

Author

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  • Paolo Sylos Labini

    () (Università degli Studi di Roma "La Sapienza", Dipartimento di Scienze Economiche, Roma)

Abstract

Modigliani became interested in Keynes's General Theory even before knowing anything about economics. After becoming a professional economist, through his research both theoretical and applied, his teaching, his policy recommendations to fight mass unemployment, Modigliani became worldwide known as one of the great Keynesian economists. Yet, there are many building blocks of Keynes's General Theory that in Modigliani's work cannot be found. In this lecture, it is shown that his pursuit of the task of "digesting"--as he put it--Keynesian innovative ideas into the theoretical framework of Walrasian economics entails the loss of Keynes's genuine revolutionary ideas. The author argues--with some personal recollections--that Keynes's conviction of the necessity of a radically novel "monetary theory of production" remains as relevant today as it was when originally proposed. More than attempting to "digest" the Keynesian revolution, we should attempt to make it fully accomplished.

Suggested Citation

  • Paolo Sylos Labini, 2005. "Franco Modigliani and oligopoly," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 41-48.
  • Handle: RePEc:psl:bnlqrr:2005:25
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9842/9727
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    References listed on IDEAS

    as
    1. Franco Modigliani & Ezio Tarantelli, 1973. "A Generalization of the Phillips Curve for a Developing Country," Review of Economic Studies, Oxford University Press, vol. 40(2), pages 203-223.
    2. Ando, Albert K, et al, 1974. "On the Role of Expectations of Price and Technological Change in an Investment Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(2), pages 384-414, June.
    3. Franco Modigliani, 1958. "New Developments on the Oligopoly Front," Journal of Political Economy, University of Chicago Press, vol. 66, pages 215-215.
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    Cited by:

    1. Antonella Rancan, 2014. "Commento di Modigliani alla teoria della disoccupazione di Sylos Labini (attraverso la corrispondenza del 1956)," Moneta e Credito, Economia civile, vol. 67(267), pages 271-284.
    2. Antonella Rancan, 2014. "Modigliani's comments on Sylos Labini's theory of unemployment (1956-1958)," PSL Quarterly Review, Economia civile, vol. 67(270), pages 269-282.
    3. Alessandro Roncaglia, 2014. "The theory of employment: two approaches compared," PSL Quarterly Review, Economia civile, vol. 67(270), pages 241-268.

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    More about this item

    Keywords

    Oligopoly;

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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