Chamberlin and Robinson: their realism revisited and revised

Attempts to give greater realism to a general competitive equilibrium paradigm, such as, famously, by E.H. Chamberlin and Joan Robinson, founder on the excessive inferential potency of its assumptions, as, for example, in the familiar postulate that orders all possible preferences. Either the overth...

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Bibliographic Details
Published in:Journal of post Keynesian economics 2011-10, Vol.34 (1), p.159-178
Main Author: McDermott, John F. M.
Format: Article
Language:English
Subjects:
Chamberlin, E.H
Chamberlin, Edward Hastings
Competitive equilibrium
Consumer economics
Economic equilibrium theory
Economic models
economic realism
Economic theory
Economists
Empirical research
imperfect competition
Keynesianism
Logical postulates
Macroeconomics
Mathematical realism
Microeconomics
monopolistic competition
Other things equal assumption
overtheorization
Perfect competition
Post Keynesian economics
Prices
Realism
Robinson, Joan
Studies
time
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Summary:Attempts to give greater realism to a general competitive equilibrium paradigm, such as, famously, by E.H. Chamberlin and Joan Robinson, founder on the excessive inferential potency of its assumptions, as, for example, in the familiar postulate that orders all possible preferences. Either the overtheorization must be restricted by illusory qualifying expressions such as ceteris paribus, which leave the inferential scheme unchanged, or the needed inferential steps are mathematically dubious, sometimes impermissible. A modified set of postulates are proposed for a more empirically sensitive economic science.
ISSN:0160-3477
1557-7821
DOI:10.2753/PKE0160-3477340107