MACROECONOMICS AND IMPERFECT COMPETITION

Edited by Jean-Pascal Benassy

in Books from Edward Elgar Publishing

Abstract: The macroeconomics of imperfect competition is a field which has witnessed an almost exponential growth in the last twenty years. The reason for this success is simple as this field combines two important, and hitherto incompatible, features: On one hand, like Walrasian or new classical macroeconomics it has fully rigorous microeconomic foundations. On the other hand, like Keynesian macroeconomics (which itself lacked such foundations) it can produce underemployment of resources and macroeconomic coordination failures. This successful blend of the General Equilibrium, Keynesian and Imperfect Competition traditions has become a most influential paradigm in macroeconomics.

Keywords: Economics and Finance (search for similar items in EconPapers)
JEL-codes: Z0 (search for similar items in EconPapers)
Date: 1995
ISBN: 9781852788490
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