Sraffa and the microfoundations of Keynes

Takashi Negishi

The European Journal of the History of Economic Thought, 1998, vol. 5, issue 3, 452-457

Abstract: After a brief survey of the Japanese literature on Sraffa, the author explains how his own theory of the microfoundations of Keynesian macro-economics was influenced by Sraff's view of competitive markets. This view can be interpreted that firms perceive kinked demand curves. It is emphasized that Azariadis's theory of implicit contracts can explain unemployment only if we take Sraffa's not Walras's, view of competitive market.

Keywords: implicit contracts; kinked demand curve; microfoundations of Keynesian economics; unemployment (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1080/10427719800000046

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