Post Keynesian Price Theory

This book sets out the foundations of post-Keynesian price theory.

Frederic S. Lee (Author)

9780521030212, Cambridge University Press

Paperback / softback, published 2 November 2006

292 pages
22.8 x 15.2 x 1.8 cm, 0.456 kg

"He has set out to challenge the post Keynesian conventional wisdom that its price theoretic foundations are to be found in either the Kaleckisn or Sraffian approach to prices or in some hybrid of the two." Review of Radical Political Economics

Frederic Lee sets out the foundations of a post-Keynesian price theory through developing an empirically grounded production schema. The administered, normal cost and mark-up price doctrines are explained in parts I-III of the book, as many of their theoretical arguments are important for developing the foundations. This involves discussing the work of Gardiner Means, Philip Andrews, and Michal Kalecki as well as the developers of the doctrines, such as Edwin Nourse, Paolo Sylos Labini, Harry Edwards, Josef Steindl and Alfred Eisner. Drawing upon the arguments and formal modelling offered by the doctrines, in conjunction with empirical evidence from one hundred studies on pricing and production, Dr Lee develops an empirically grounded pricing model and production schema. He argues that the model and the schema together constitute the foundations for post-Keynesian price theory.

List of figures and tables
Acknowledgements
Introduction
Part I. The Doctrine of Administered Prices: 1. The origin of the doctrine of administered prices: from the modern corporation to industrial prices
2. Gardiner Means' doctrine of administered prices
3. Developments in the doctrine of administered prices
Part II. The Doctrine of Normal Cost Prices: 4. The origin of the doctrine of normal cost prices: the Oxford Economists' Research Group and full cost pricing
5. Philip Andrews' theory of competitive oligopoly
6. Developments in the doctrine of normal cost prices
Part III. The Doctrine of Mark Up Prices: 7. The origin of the doctrine of mark up prices: Michal Kalecki's microanalysis
8. Kalecki's microanalysis and the war years
9. Kalecki and the Cambridge contributions
10. Josef Steindl and the stagnation thesis
Part IV. The Grounded Pricing Foundation of Post Keynesian Price Theory: 11. Pricing and prices
12. The pricing model, the grounded pricing foundation, and Post Keynesian price theory
Appendices
Bibliography
Index.

Subject Areas: Economic theory & philosophy [KCA]