Competing Micro Economic Theories Of Industrial Profits: An Empirical Approach

Mark Glick and Eduardo M. Ochoa

Economics Working Paper Archive from Levy Economics Institute

Abstract: Contrary to the impression given by most textbooks, microeconomics is not a homogeneous discipline. At least two major alternative theories exist which account for the long-run behavior of industrial prices and the between economic sectors in ways which are distinct from standard neoclassical explanations. Both Post Keynesian and Classical (Marxian/NeoRicardian) approaches to economics have developed a growing literature on microfoundations in recent years (see, e.g. Eichner, 1985; Dumenil & Levy, 1985).

Date: 1988-03
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