Abstract
Well over 50 years ago, Kurt Rothschild (1947) published ‘Price Theory and Oligopoly’ in the Economic Journal.†,1 In it Rothschild appraised the strengths, limitations and weaknesses of the imperfect and monopolistic competition theories, which were then only in their second decade, as illuminators of actual price and other behaviour. Finding them wanting, at least for considerable portions of observed, real world behaviour, especially when oligopolistic structures ruled, and because the then emerging theory of games was as yet unproven, he suggested that economists should turn to another set of principles for enlightenment.
Originally published in Post-Reform Development in Asia: Essays for Amiya Kumar Bagchi, Orient Blackswan, 2009, pp. 263–88.
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Nolan, P.H., Harcourt, G.C. (2012). Price Theory and Multinational Oligopoly: Kurt Rothschild and Stephen Hymer Revisited (2009). In: On Skidelsky’s Keynes and Other Essays. Palgrave Macmillan, London. https://doi.org/10.1057/9780230348646_9
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