Joan Robinson's work on imperfect competition, at least, was a response to certain problems of Marshallian partial equilibrium theory highlighted by Piero Sraffa.
22.
Later microeconomic theory distinguished between perfect competition and imperfect competition, concluding that no system of resource allocation is more efficient than perfect competition.
23.
The notion of imperfect competition could give an opening to interventionist " planning " while being unaware of the magnitudes of potential government failure.
24.
Exploitation can only occur in imperfect capitalism due to imperfect competition, with the neoclassical notion of productivity wages there is little to no exploitation in the economy.
25.
New Keynesian models investigated sources of sticky prices and wages due to imperfect competition, which would not adjust, allowing monetary policy to impact quantities instead of prices.
26.
He was a seminal contributor to the macroeconomics of imperfect competition, and has published extensively on labor economics, macroeconomic theory and policy, and the design of welfare systems.
27.
Much work on sunspot equilibria aims to prove the possible existence of equilibria differing from a given model's production, imperfect competition, incomplete markets, and restrictions on market participation.
28.
Much of modern economic modelling consists of exploring the effects that complicating factors have on models, such as imperfect and asymmetric information, incomplete markets, imperfect competition and transaction costs.
29.
Huw Dixon and Gregory Mankiw developed independently simple general equilibrium models showing that the fiscal multiplier could be increasing with the degree of imperfect competition in the output market.
30.
Thus the MRP curve of a firm in monopoly or in imperfect competition will slope downwards, when plotted against labor usage, at a faster rate than in perfect specific competition.
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