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Capital, distribution and macroeconomics: 'core' beliefs and theoretical foundations

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  • Graham White

Abstract

The paper suggests an alternative 'benchmark' model or 'microfoundations' for theorising about macroeconomic phenomena in the case of competitive equilibria. This alternative reflects a classical-Sraffian explanation of relative prices. This approach also provides a coherent framework for the analysis of the choice of technique in a multi-commodity setting. In turn, it leads to results which throw into question a number of key propositions of conventional macro theory, including the notion of a long-run self-correcting mechanism for involuntary unemployment in the presence of wage and price flexibility. The paper argues that a classical-Sraffian approach provides a means of reconciling Keynesian results with competitive outcomes. Copyright 2004, Oxford University Press.

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  • Graham White, 2004. "Capital, distribution and macroeconomics: 'core' beliefs and theoretical foundations," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(4), pages 527-547, July.
    • Handle: RePEc:oup:cambje:v:28:y:2004:i:4:p:527-547
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    File URL: http://hdl.handle.net/10.1093/cje/beh023
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    Cited by:

    1. Oslington, Paul, 2022. "The Economics Of Bernard Lonergan: Context, Modeling, And Assessment," Journal of the History of Economic Thought, Cambridge University Press, vol. 44(2), pages 182-204, June.
    2. White, Graham, 2011. "Degrees Of Competition, The Rate Of Return And Growth From A Classical/Sraffian Perspective," Working Papers 2011-03, University of Sydney, School of Economics.

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