Are the Decisions of Firms Autonomous? A Problematic Note

Edmond Malinvaud

Chapter 13 in Monetary Theory and Thought, 1993, pp 284-295 from Palgrave Macmillan

Abstract: Abstract In the late 1950s and the 1960s Money, Interest, and Prices (MIP) was read by many as the basic book in macroeconomics, whereas others were studying it for understanding monetary theory. I believe it is appropriate on this occasion to consider a question concerning the main structure used in the macroeconomic part of the book, and more generally in standard macroeconomic theory, in order to represent the economic system. This structure, given at the beginning of Part 2, identifies four markets (labour services, commodities, bonds and money) and three agents: households, firms and government. The interdependence between agents is limited to their market relations and to such institutional features as the existence of a tax system. Except for that, each agent has an autonomous behaviour.

Keywords: Competitive Equilibrium; Incomplete Market; Private Saving; Autonomous Behaviour; Monetary Theory (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12535-7_13

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DOI: 10.1007/978-1-349-12535-7_13

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