Abstract
Throughout my working life I have looked to Sylos Labini for inspiration, presuming to find an affinity with him in major lines of enquiry we have both pursued. I am thinking, most particularly, of his work on a series of related questions concerning the behaviour of firms under conditions of oligopoly, the well-attested practice of mark-up pricing and the meaning (if any) of the aggregate neoclassical production function.
This paper is a revised and condensed version of three lectures called ‘Time, Credit Money and the Neoclassical Synthesis’ Which I gave in Naples in April 1988 at the invitation of Professor Augusto Graziani. It is a summary of a substantial monograph in the course of preparation in collaboration with Ken Coutts. I am grateful for penetrating comments from K. Coutts, A. Graziani, G. Harcourt, S. Mundle, N. Norman and G. Zezza.
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© 2012 Wynne Godley
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Godley, W. (2012). Time, Increasing Returns and Institutions in Macroeconomics. In: Lavoie, M., Zezza, G. (eds) The Stock-Flow Consistent Approach. Palgrave Macmillan, London. https://doi.org/10.1057/9780230353848_3
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