The Institutionalists’ Reaction to Chamberlin’s 'Theory of Monopolistic Competition'
Edwin Chamberlin's The Theory of Monopolistic competition is often described as containing omportant traces of institutionalist influence. This is also confimred by Chamberlin himself who, repeadetly, referred to the work of Veblen, and John Maurice Clark among his inspirational sources. The aim of this paper is to analyse the institutionalist rection to the publication of the Theory of Monopolistic Competition. What will be argued is that the institutionalist response to Chamberlin was a mixed one, and involved some substantial criticisms of his analysis of market structures both on methodological and theoretical grounds. The paper is organized as follows. The first section presents a sketch of the main theoretical implications contained in The Theory of Monopolistic Competition. The second section analyses the general aspects of the institutionalist reaction to Chamberlin. The third and fourth sections deal with the more theoretical aspects of the institutionalist criticism of Chamberlin. The final section presents a conclusion
|Date of creation:||Mar 2009|
|Date of revision:|
|Contact details of provider:|| Postal: Piazza S.Francesco,7 - 53100 Siena|
Web page: http://www.deps.unisi.it/
More information through EDIRC
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.:
- Rutherford, Malcolm, 2000. "Understanding Institutional Economics: 1918–1929," Journal of the History of Economic Thought, Cambridge University Press, vol. 22(03), pages 277-308, September.
- R. A. Gordon, 1940. "Ownership and Compensation as Incentives to Corporation Executives," The Quarterly Journal of Economics, Oxford University Press, vol. 54(3), pages 455-473.
- Edward H. Chamberlin, 1961. "The Origin and Early Development of Monopolistic Competition Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 75(4), pages 515-543.
- Morris A. Copeland, 1940. "Competing Products and Monopolistic Competition," The Quarterly Journal of Economics, Oxford University Press, vol. 55(1), pages 1-35.
- Frederick C. Mills, 1936. "Prices in Recession and Recovery: A Survey of Recent Changes," NBER Books, National Bureau of Economic Research, Inc, number mill36-1, May.
- A. B. Wolfe, 1924. ""Competitive" Costs and the Rent of Business Ability," The Quarterly Journal of Economics, Oxford University Press, vol. 39(1), pages 39-69.
- Blaug,Mark, 1997. "Economic Theory in Retrospect," Cambridge Books, Cambridge University Press, number 9780521577014, November.
- Rutherford, Malcolm & Desroches, C. Tyler, 2008. "The Institutionalist Reaction To Keynesian Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(01), pages 29-48, March.
- Morris A. Copeland, 1934. "The Theory of Monopolistic Competition," Journal of Political Economy, University of Chicago Press, vol. 42, pages 531.
- Pier Francesco Asso & Luca Fiorito, 2005.
"Was Frank Knight an Institutionalist?,"
Department of Economics University of Siena
461, Department of Economics, University of Siena.
- J. K. Galbraith, 1936. "Monopoly Power and Price Rigidities," The Quarterly Journal of Economics, Oxford University Press, vol. 50(3), pages 456-475.
- Axel Leijonhufvud, 1983. "What Would Keynes Have Thought of Rational Expectations?," UCLA Economics Working Papers 299, UCLA Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:usi:wpaper:560. 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: (Fabrizio Becatti)
If references are entirely missing, you can add them using this form.