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- Title
Alternative approaches to macroeconomic theory: a partial view.
- Authors
Solow, Robert M.
- Abstract
Abstract. The paper begins by discussing and comparing informally the pictures of the aggregate economy that underlie three current approaches to theoretical macroeconomics: equilibrium theory, the 'post-Keynesian approach,' and fixed (or sticky) price models. Regarding the last as much the most promising, the paper then describes a handful of hypotheses about the labour market, more complementary than rival, that might explain the (downward) stickiness of wages. A recurrent theme is that the background assumption of optimizing agents is capable of yielding quite unclassical results if the utility function and the perceived constraints are slightly unconventional.
- Subjects
ECONOMICS; MACROECONOMICS; ECONOMIC equilibrium; LABOR market
- Publication
Canadian Journal of Economics, 1979, Vol 12, Issue 3, p339
- ISSN
0008-4085
- Publication type
Article
- DOI
10.2307/134726