![Levy Economics Institute of Bard College, a nonprofit, nonpartisan, public policy think tank founded through the generous support of Bard College trustee Leon Levy Levy Economics Institute of Bard College, a nonprofit, nonpartisan, public policy think tank founded through the generous support of Bard College trustee Leon Levy](https://www.levyinstitute.org/images/levy_logo.png)
Publications
Working Paper No. 3
| March 1988
Competing Micro Economic Theories of Industrial Profits
An Empirical Approach
Contrary to the impression given by most textbooks, microeconomics is not a homogeneous discipline. At least two major alternative theories exist which account for the long-run behavior of industrial prices and the between economic sectors in ways which are distinct from standard neoclassical explanations. Both Post Keynesian and Classical (Marxian/NeoRicardian) approaches to economics have developed a growing literature on microfoundations in recent years (see, e.g. Eichner, 1985; Dumenil & Levy, 1985).