Inflation and Market Structure
Nitzan, Jonathan.
(1990).
Discussion Papers. Department of Economics. McGill University. pp. 1-59.
(Article - Working Paper; English).
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Abstract or Brief Description
This is the third in a series of three essays which explore modern theories for inflation. Here we examine theories that reject the universal validity of perfect competition and link inflation with alternative, more realistic structures and institutions. In contrast to macroeconomic theories which emphasize ‘excess demand’ and growth inflation, structural theories relate primarily to stagflation. While most macroeconomists share a common belief in the ideal type of ‘profit maximization,’ structural theorists differ widely in their views on what motivates economic actors. The multiplicity of motivational assumptions lead different theorists toward distinct explanations for inflation. With their greater sensitivity toward real institutions, these theories offers important insights into the process of modern inflation. The structural literature, is, nevertheless limited by some of its methodological foundations.
Language
EnglishPublication Type
Article - Working PaperKeywords
business structure corporate concentration full-cost growth inflation markup monopoly normal price oligopoly price smoothing profit pull-push spirals stagflation stagnation target rate of return wagesSubject
BN AgencyBN Business Enterprise
BN Capital & Accumulation
BN International & Global
BN Labour
BN Macro
BN Micro
BN Methodology
BN Conflict & Violence
BN Cooperation & Collective Action
BN Value & Price
BN Crisis
BN Power
BN Policy
BN Distribution
BN Production
BN Growth
BN Region - North America
BN Industrial Organization
BN Institutions
Depositing User
Jonathan NitzanDate Deposited
28 Jan 2005Last Modified
29 Mar 2016 19:54URL:
https://bnarchives.net/id/eprint/161Actions (login required)
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