IDEAS home Printed from https://ideas.repec.org/a/psl/bnlaqr/200525.html
   My bibliography  Save this article

Franco Modigliani and oligopoly

Author

Listed:
  • Paolo Sylos Labini

    (Università degli Studi di Roma "La Sapienza", Dipartimento di Scienze Economiche, Roma)

Abstract

Modigliani became interested in Keynes's General Theory even before knowing anything about economics. After becoming a professional economist, through his research both theoretical and applied, his teaching, his policy recommendations to fight mass unemployment, Modigliani became worldwide known as one of the great Keynesian economists. Yet, there are many building blocks of Keynes's General Theory that in Modigliani's work cannot be found. In this lecture, it is shown that his pursuit of the task of "digesting"--as he put it--Keynesian innovative ideas into the theoretical framework of Walrasian economics entails the loss of Keynes's genuine revolutionary ideas. The author argues--with some personal recollections--that Keynes's conviction of the necessity of a radically novel "monetary theory of production" remains as relevant today as it was when originally proposed. More than attempting to "digest" the Keynesian revolution, we should attempt to make it fully accomplished.

Suggested Citation

  • Paolo Sylos Labini, 2005. "Franco Modigliani and oligopoly," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 41-48.
    • Handle: RePEc:psl:bnlaqr:2005:25
    as

    Download full text from publisher

    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9842/9727
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Franco Modigliani, 1958. "New Developments on the Oligopoly Front," Journal of Political Economy, University of Chicago Press, vol. 66(3), pages 215-215.
    2. Franco Modigliani & Ezio Tarantelli, 1973. "A Generalization of the Phillips Curve for a Developing Country," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 40(2), pages 203-223.
    3. Ando, Albert K, et al, 1974. "On the Role of Expectations of Price and Technological Change in an Investment Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(2), pages 384-414, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rancan, Antonella, 2015. "The Origin Of The Sylos Postulate: Modigliani’S And Sylos Labini’S Contributions To Oligopoly Theory," Journal of the History of Economic Thought, Cambridge University Press, vol. 37(3), pages 431-448, September.
    2. Antonella Rancan, 2014. "Modigliani's comments on Sylos Labini's theory of unemployment (1956-1958)," PSL Quarterly Review, Economia civile, vol. 67(270), pages 269-282.
    3. Marcella Corsi, 2006. "In memory of Paolo Sylos Labini (1920 - 2005)," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(4), pages 607-611.
    4. Antonella Rancan, 2014. "Commento di Modigliani alla teoria della disoccupazione di Sylos Labini (attraverso la corrispondenza del 1956)," Moneta e Credito, Economia civile, vol. 67(267), pages 271-284.
    5. Alessandro Roncaglia, 2014. "The theory of employment: two approaches compared," PSL Quarterly Review, Economia civile, vol. 67(270), pages 241-268.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Paolo Sylos Labini, 2005. "Franco Modigliani and oligopoly," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 41-48.
    2. Ignazio Visco, 2005. "From theory to practice in macroeconomic models: post-Keynesian eclecticism," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 67-90.
    3. Ignazio Visco, 2005. "From theory to practice in macroeconomic models: post-Keynesian eclecticism," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 67-90.
    4. Amelio, Andrea & Giardino-Karlinger, Liliane & Valletti, Tommaso, 2020. "Exclusionary pricing in two-sided markets," International Journal of Industrial Organization, Elsevier, vol. 73(C).
    5. Bagwell, Kyle & Wolinsky, Asher, 2002. "Game theory and industrial organization," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 49, pages 1851-1895, Elsevier.
    6. Andrade de Sá, Saraly & Daubanes, Julien, 2016. "Limit pricing and the (in)effectiveness of the carbon tax," Journal of Public Economics, Elsevier, vol. 139(C), pages 28-39.
    7. Nobuhiro Kiyotaki & Kenneth D. West, 2006. "Land Prices and Business Fixed Investment in Japan," Chapters, in: Lawrence R. Klein (ed.), Long-run Growth and Short-run Stabilization, chapter 12, Edward Elgar Publishing.
    8. Simon Gilchrist & John C. Williams, 2000. "Putty-Clay and Investment: A Business Cycle Analysis," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 928-960, October.
    9. Terrence August & Hyoduk Shin & Tunay I. Tunca, 2018. "Generating Value Through Open Source: Software Service Market Regulation and Licensing Policy," Information Systems Research, INFORMS, vol. 29(1), pages 186-205, March.
    10. Patrick Rey & Jean Tirole, 2019. "Price Caps as Welfare-Enhancing Coopetition," Journal of Political Economy, University of Chicago Press, vol. 127(6), pages 3018-3069.
    11. Elisabetta D¡¯Apolito & Vincenzo Pacelli, 2017. "What Influences Bank Stock Prices in Times of Crisis? An International Survey," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(6), pages 1-14, June.
    12. Biing‐Shiunn Yang & Chao‐Cheng Mai, 2009. "Löschian competition under demand uncertainty," Papers in Regional Science, Wiley Blackwell, vol. 88(4), pages 765-784, November.
    13. Simon Gilchrist & John Williams, 1998. "Investment, capacity, and output: a putty-clay approach," Finance and Economics Discussion Series 1998-44, Board of Governors of the Federal Reserve System (U.S.).
    14. Rodolphe Dos Santos Ferreira & Frédéric Dufourt, 2007. "Free entry equilibria with positive profits: A unified approach to quantity and price competition games," International Journal of Economic Theory, The International Society for Economic Theory, vol. 3(2), pages 75-94, June.
    15. Jean Jaskold Gabszewicz, 1979. "Théories de la concurrence imparfaite : illustrations récentes de thèmes anciens," Working Papers hal-01527449, HAL.
    16. Sung Y. Kwack, 1974. "Price linkage in an interdependent world economy: price responses to exchange rate and activity changes," International Finance Discussion Papers 56, Board of Governors of the Federal Reserve System (U.S.).
    17. Kuper, Gerard H., 1996. "The effects of energy taxes on productivity and employment: The case of the Netherlands," Resource and Energy Economics, Elsevier, vol. 18(2), pages 137-159, June.
    18. Sung Y. Kwack, 1973. "The effects of foreign inflation on domestic prices and the relative price advantage of exchange rate changes," International Finance Discussion Papers 35, Board of Governors of the Federal Reserve System (U.S.).
    19. Jael, Paul, 2015. "Price, target rate of profit and entry preventing," MPRA Paper 65970, University Library of Munich, Germany.
    20. Huric Larsen, Jesper Fredborg, 2012. "Pricing behaviour at capacity constrained facilities," MPRA Paper 39362, University Library of Munich, Germany.

    More about this item

    Keywords

    Oligopoly;

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:psl:bnlaqr:2005:25. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.