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MICROECONOMIC FOUNDATIONS OF MACROECONOMICS IN THE POST‐KEYNESIAN APPROACH
Author(s) -
Agliardi E.
Publication year - 1988
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/j.1467-999x.1988.tb00879.x
Subject(s) - economics , section (typography) , oligopoly , yield (engineering) , keynesian economics , relation (database) , mathematical economics , process (computing) , post keynesian economics , macroeconomics , econometrics , neoclassical economics , computer science , physics , thermodynamics , database , cournot competition , operating system
The purpose of this paper is to explore further some issues within the ⇐ mark‐up ⇒ models. Among the numerous alternative formulations which have been put forward in the literature, two of them are particularly analysed in this paper. Kalecki's microanalysis, and especially the price determination as from the Theory of Economic Dynamics , is discussed in section II. Eichner's approach to the determination of the ⇐ mark‐up ⇒ in oligopoly is examined in section III. These two different models yield different dynamic implications: section IV and section V contain a comparison between these different approaches in terms of the relation between the mark‐up and the growth rate especially. Finally, in section V, we suggest a direction of research to provide a theoretical justification of price setting according to the ⇐ mark‐up ⇒. Indeed, we show that under certain assumptions, this pricing behaviour can arise from a process of learning.