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Are the Decisions of Firms Autonomous? A Problematic Note

In: Monetary Theory and Thought

Author

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  • Edmond Malinvaud

Abstract

In the late 1950s and the 1960s Money, Interest, and Prices (MIP) was read by many as the basic book in macroeconomics, whereas others were studying it for understanding monetary theory. I believe it is appropriate on this occasion to consider a question concerning the main structure used in the macroeconomic part of the book, and more generally in standard macroeconomic theory, in order to represent the economic system. This structure, given at the beginning of Part 2, identifies four markets (labour services, commodities, bonds and money) and three agents: households, firms and government. The interdependence between agents is limited to their market relations and to such institutional features as the existence of a tax system. Except for that, each agent has an autonomous behaviour.

Suggested Citation

  • Edmond Malinvaud, 1993. "Are the Decisions of Firms Autonomous? A Problematic Note," Palgrave Macmillan Books, in: Haim Barkai & Stanley Fischer & Nissan Liviatan (ed.), Monetary Theory and Thought, chapter 13, pages 284-295, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-12535-7_13
    DOI: 10.1007/978-1-349-12535-7_13
    as

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