The Institutionalists’ Reaction to Chamberlin’s Theory of Monopolistic Competition

Titolo Rivista STORIA DEL PENSIERO ECONOMICO
Autori/Curatori Luca Fiorito
Anno di pubblicazione 2010 Fascicolo 2010/1
Lingua Inglese Numero pagine 0 P. Dimensione file 330 KB
DOI 10.3280/SPE2010-001003
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Edwin Chamberlin’s The Theory of Monopolistic competition is often described as containing important traces of institutionalist influence. This is also confirmed by Chamberlin himself who, repeatedly, referred to the work of Veblen, and John Maurice Clark among his inspirational sources. The aim of this paper is to analyse the institutionalist reaction to the publication of the Theory of Monopolistic Competition. What will be argued is that the institutionalist response to Chamberlin was a mixed one, and involved some substantial criticisms of his analysis of market structures both on methodological and theoretical grounds. The paper is organized as follows. The first section presents a sketch of the main theoretical implications contained in The Theory of Monopolistic Competition. The second section analyses the general aspects of the institutionalist reaction to Chamberlin. The third and fourth sections deal with the more theoretical aspects of the institutionalist criticism of Chamberlin. The final section presents a conclusion.

Keywords:Chamberlin; Istituzionalismo; Concorrenza monopolistica

Jel codes:B25, E11

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Luca Fiorito, The Institutionalists’ Reaction to Chamberlin’s Theory of Monopolistic Competition in "STORIA DEL PENSIERO ECONOMICO" 1/2010, pp , DOI: 10.3280/SPE2010-001003