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KINKED DEMAND CURVE. In the 1930s Sweezy developed the kinked demnd curve in an attempt to explain why prices in oligopolistic industries apparently remained rigid despite moderate changes in cost and demand conditions. Unlike Curnot’s duopolists, the oligopolistics in this model is keenly aware of its rivals and the interdependence Read more

MONOPOLY CAPITALISM. According to Paul M.Sweezy,every antagonistic socio economic formation pass through several stages in its development.At the atage of its rise,economic relating are conductive to the development of the productive process,and at the stage of its decline relations of production tend to fetter the development of productive forces.Free competition Read more

THEORIES OF VALUE. MERCANTILISTS WIEW ON VALUE:- According to mercantilists there are two types of value,viz, 1. Intrinsic value and 2. Extrinsic value. Former is the power of the commodity to satisfy human wants(in other words it depends upon ‘utility’ of a commodity).By extrinsic value,the mercantilists mean only the cost Read more