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Sraffa and the microfoundations of Keynes

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  • Takashi Negishi

Abstract

After a brief survey of the Japanese literature on Sraffa, the author explains how his own theory of the microfoundations of Keynesian macro-economics was influenced by Sraff's view of competitive markets. This view can be interpreted that firms perceive kinked demand curves. It is emphasized that Azariadis's theory of implicit contracts can explain unemployment only if we take Sraffa's not Walras's, view of competitive market.

Suggested Citation

  • Takashi Negishi, 1998. "Sraffa and the microfoundations of Keynes," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(3), pages 452-457.
    • Handle: RePEc:taf:eujhet:v:5:y:1998:i:3:p:452-457
    DOI: 10.1080/10427719800000046
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    References listed on IDEAS

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    1. Paul M. Sweezy, 1939. "Demand Under Conditions of Oligopoly," Journal of Political Economy, University of Chicago Press, vol. 47(4), pages 568-568.
    2. Negishi,Takashi, 1985. "Economic Theories in a Non-Walrasian Tradition," Cambridge Books, Cambridge University Press, number 9780521259675, September.
    3. Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
    4. Vasilev, Aleksandar & Maksumov, Rashid, 2010. "Critical analysis of Chapter 23 of Keynes’s Notes on Mercantilism in The General Theory of Employment, Interest and Money (1936)," EconStor Research Reports 155318, ZBW - Leibniz Information Centre for Economics.
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    Cited by:

    1. Negishi, Takashi, 2000. "Adam Smith's division of labor and structural changes," Structural Change and Economic Dynamics, Elsevier, vol. 11(1-2), pages 5-11, July.

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