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Keynes' Monopolistic Theory of Employment, Interest, and Money

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  • Edwards, Clark

Abstract

Competition is usually assumed as the general case in applications of classical and neoclassical economic theory Monopoly is treated as a special case Several leading economists during the thirties sought to develop a general theory of monopoly within which competition might be treated as a special case, among these was John Maynard Keynes This article develops the implications of Keynes' monopolistic assumptions for inflation and unemployment Reconciliations of Keynesian macroeconomics with neoclassical aggregative theory that are based on the assumption that both models are competitive are misleading because they fail to capture the role of monopoly in the Keynesian model

Suggested Citation

  • Edwards, Clark, 1981. "Keynes' Monopolistic Theory of Employment, Interest, and Money," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 33(2), pages 1-11, April.
    • Handle: RePEc:ags:uersja:148718
    DOI: 10.22004/ag.econ.148718
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