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Imperfect competition and the Keynesian cross

✍ Scribed by N.Gregory Mankiw

Book ID: 116100425
Publisher: Elsevier Science
Year: 1988
Tongue: English
Weight: 425 KB
Volume: 26
Category: Article
ISSN: 0165-1765
DOI: 10.1016/0165-1765(88)90043-2

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This article contrasts two myths: perfect competition throughout a whole economy x and "perfect computation"-a computation so detailed and quick that it would achieve the same allocation of resources. It maintains that the former is in some respects as centralized as the latter, and that decentraliz