René Roy, the Separability and Subordination of Needs, and Post Keynesian Consumer Theory

Marc Lavoie

History of Economics Review, 2005, vol. 42, issue 1, 45-49

Abstract: This paper introduces readers to the translation of a lesser-known article by René Roy (1943). In that paper, Roy constructs a consumer who has all the features of the current Post Keynesian consumer. Goods are ordered in groups, independently of prices; substitution effects only play a role within groups; income effects explain how consumers move from one group to another; changes in the prices of basic necessity goods have an impact on the demand for goods of higher order, but prices of the commodities belonging to these superior groups have no feedback effects on the demand for basic necessity goods.

Date: 2005
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DOI: 10.1080/18386318.2005.11681212

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