Standard and Classical Economics

Adolfo Figueroa

Chapter Chapter 3 in Growth, Employment, Inequality, and the Environment, 2015, pp 41-74 from Palgrave Macmillan

Abstract: Abstract Several theories that seek to explain production and distribution in the capitalist society coexist in economics. Neoclassical, Keynesian, and classical theories constitute the most important ones. Are these theories able to explain the eight empirical regularities of capitalism presented in chapter 2? This chapter presents, first, the foundations of these theories, then follows short-run models and their empirical predictions, which are finally confronted against the relevant empirical regularities.

Keywords: Labor Market; Wage Rate; Price Level; General Equilibrium; Real Wage (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-50267-4_3

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DOI: 10.1057/9781137502674_3

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