摘要:

ABSTRACTThis article originates from a perceived contradiction between modern interpretations of Keynes'General Theoryand the origin of his theory. There can be no doubt that the discussion of the microeconomic foundations of Keynes' theory is dominated by neo‐Walrasian approaches, while, in the perspective of the history of economic analysis, Keynes' theoretical origin was Marshallian, rather than Walrasian.Recent contributions on the microfoundations of Keynes' aggregate supply and demand analysis stress the Marshallian prospect by tracing out how Keynes' analytical apparatus can be reconstructed on the basis of Marshall's theory of the competitive firm (cf. C. Casarosa [1981], S. Parrinello [1983], A. Asimakopulos [1984]).This article will support the Marshallian perspective from a macroeconomic point of view. Instead of a reconstruction, a «backtracking device» will be pursued: How would Marshall have formulated a macroeconomic model which might have been Keynes' referential framework from which he moved away when he realized the restrictions and defects of this model? This backtracking device seems to be suitable because Marshall's writings offer a good deal of theoretical elements which can be used in connection with a general equilibrium perspective, although Marshall himself« (.) never felt the need to model the workings of the economic system as a whole» (R. Clower [1975], p. 4).The first part of the article explores Marshall's writings in order to furnish the modelling of the macroeconomic perspective with a conceptual framework. The second part studies the working of the macroeconomic model and in the last part it will be argued that the consumption function, taken by itself, was not an entirely new idea. In addition, it will be substantiated that the consumption function gained conceptual significance in connection with Keynes' changing the theory of profit determin

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1989.tb00444.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

ABSTRACTThis paper submits Sismondi's calculation example presented in his paper of 1824 («On the Balance of Consumption and Production») in the form of an input‐output table. This paper also examines Sismondi's argument concerning technological progress and under‐consumption. The effect of an increase in labour productivity in one particular sector on the economy as a whole is analysed in the framework of a simple reproduction system. Subsequently the model is applied to a growth economy, and the difficulty of attaining balanced growth in Sismondi's system is disc

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1989.tb00445.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

ABSTRACTWe study three different versions of the Kaldor's 1940 Business‐Cycle Model (13, and we show that they can all be reduced, through suitable changes of variables, to a planar dynamical system of Lienard‐type.By applying a classical result due to A. Filippov (8) and a quite recent theorem of the Chinese mathematician Zhang Zhi Fen (19, it is easily proved that our systems present a unique attracting limit‐cycle encircling the only existing equilibrium.Our analysis does not require any extra hypothesis regarding the symmetry of the investment and saving functions, except the «classical» ones and those needed to reducing the system to Lienard form.It extends, so far, a few previous results obtained by H.W. Lorenz (16) on the very sam

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1989.tb00446.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

ABSTRACTThe concept of a goodqill stock is often used to model advertising competition under dynamic conditions. Goodwill is unobservable and consequently leads to results that are fuzzy and untestable. This paper dispenses with that concept and uses instead a Lanchester‐Kimball structure to derive an advertising response function and other insights which are empirically testable. It also examines the factors behind firms' dominance and their individual impact on equilibrium market shar

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1989.tb00447.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

ABSTRACTIn a recent article (Econometrica1983), Peter Flaschel presented an empirical procedure for the calculation of labor values in joint production. This procedure was based on a disaggregation of production processes. The concept of «market value» (average value) was then used to determine values on the basis of the single technology which resulted from the disaggregation. In the first part, the formalism of market value is directly applied to the case of joint production, and the conditions for the existence of positive solutions are discussed. We demonstrate that these conditions are quite general, and are not related to conditions concerning the existence of any equilibrium. In this analysis, we substitute the concept of « nonreductivity » for the traditional notion of productivity of the technology. The second part of the article considers the problems involved in procedures of disaggregation. In the third part we discuss the main results obtained, stressing the importance of the difference between values and pri

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1989.tb00448.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY