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Monopolistic Competition and Macroeconomic Theory

Monopolistic Competition and Macroeconomic Theory - 98 edition

Monopolistic Competition and Macroeconomic Theory - 98 edition

ISBN13: 9780521626163

ISBN10: 0521626161

Monopolistic Competition and Macroeconomic Theory by Robert M. Solow - ISBN 9780521626163
Edition: 98
Copyright: 1998
Publisher: Cambridge University Press
Published:
International: No
Monopolistic Competition and Macroeconomic Theory by Robert M. Solow - ISBN 9780521626163

ISBN13: 9780521626163

ISBN10: 0521626161

Edition: 98

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Summary

Much of today's conventional macroeconomic theory presumes that markets for goods approach the state of perfect competition. Monopolistic Competition and Macroeconomic Theory assumes that markets are imperfect, so that sellers have some power over price, and must therefore form quantity expectations about the location of the firm's demand curve. The question is then about the macroeconomic implications of imperfect competition in goods markets. The first chapter is a brief survey of ideas recently proposed in economics including multiple equilibria. The second chapter describes a particular micro-based macro model that allows several families of equilibria. The third chapter shows how a standard locational model can be used to describe a sample macroeconomy when firms have close rivals. In this volume derived from his Federico Caffe Lecture, Nobel Laureate Robert Solow shows that there are simple and tractable micro-based models that offer the possibility of a richer and more intuitive macroeconomics.