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Macroeconomics and Imperfect Competition
The International Library of Critical Writings in Economics Series No. 46
The macroeconomics of imperfect competition is a field which has witnessed an almost exponential growth in the last twenty years. The reason for this success is simple as this field combines two important, and hitherto incompatible, features: On one hand, like Walrasian or new classical macroeconomics it has fully rigorous microeconomic foundations. On the other hand, like Keynesian macroeconomics (which itself lacked such foundations) it can produce underemployment of resources and macroeconomic coordination failures. This successful blend of the General Equilibrium, Keynesian and Imperfect Competition traditions has become a most influential paradigm in macroeconomics. Jean-Pascal Benassy, himself the author of several pioneering contributions, has assembled leading articles in the field and written an extensive introduction putting them and other contributions in the area into perspective. This volume will be a basic reference source for professors, students and researchers in this important and rapidly expanding field.
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What Reviewers Are Saying
'This is an outstanding and excellent collection, which is edited by one of the leading researchers in the field... This volume will make an excellent reference book for any graduate macroeconomics course, and for those wishing to do research in the area.' -- Huw Dixon, Economic Journal '... Benassy has written a fine introduction, including an extensive bibliography. The collection of articles makes it possible for the reader to duplicate the genesis of imperfect competition macroeconomics while, at the same time, it emphasizes it central research tendencies. The book is carefully edited and a main contribution to this - still expanding- scientific area. It is highly recommended as a 'handbook' to lecturers teaching and researchers working on imperfect competition macroeconomics. Furthermore, it offers a useful introduction for interested economists and (graduate) students.' -- Holger Wacker, Kyklos