Post Keynesian Price Theory (Modern Cambridge Economics Series)

This book sets out the foundations of Post Keynesian price theory. Frederic Lee examines the administered, normal cost and mark up price doctrines associated with Post Keynesian economics; he then draws upon those doctrines and previous empirical studies to develop the pricing and production foundations of the theory. This is the only book that is solely concerned with Post Keynesian price theory and its foundations, and represents a major contributon to the literature of post-Keynesian economics. This Book Sets Out The Foundations Of Post Keynesian Price Theory, By 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 Subsequent Foundations. The Work Of Gardiner Means, Philip Andrews, And Michal Kalecki Is Discussed, As Well As That Of The Developers Of The Doctrines Such As Edwin Nourse, Paolo Sylos Labini, Harry Edwards, Josef Steindl, And Alfred Eichner. The Origin Of The Doctrine Of Normal Cost Prices : The Oxford Economists' Research Group And Full Cost Pricing -- Philip Andrews' Theory Of Competitive Oligopoly -- Developments In The Doctrine Of Normal Cost Prices -- The Origin Of The Doctrine Of Mark Up Prices: Michal Kalecki's Microanalysis -- Kalecki's Microanalysis And The War Years -- Kalecki And The Cambridge Contributions -- Josef Steindl And The Stagnation Thesis -- Pricing And Prices -- The Pricing Model, The Grounded Pricing Foundation, And Post Keynesian Price Theory. Frederic S. Lee. Includes Bibliographical References (p. 241-274) And Index. 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. This text sets out the foundations of a post-Keynesian price theory through developing an empirically grounded production scheme. The administered, normal-cost and mark-up price doctrines are explained, 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, the author 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