Post Keynesian Price Theory

Lee, Frederic S.

doi:10.1017/cbo9780511492471

“…It is in line with institutional and post-Keynesian price theories and theory of the firm; see Lee (1998). pricing strategy were psychological and not financial; there are benefits to others too, such as more affordable holidays.…”

supporting

confidence: 59%

Explaining productivity in a poor productivity region

Webber

¹

,

Webber

²

,

Berger

³

et al. 2017

View full text Add to dashboard Cite

Productivity is the preferred measure of firm-level efficiency and perceived to reflect resource use rates. Semi-structured interviews with restaurant managers in a tourismdominated low productivity rural area reveal that they are motivated to supply products that they believe in and to sustain a quality of life that meets their needs rather than striving to achieve higher productivity. Pricing strategies, managerial objectives and local market characteristics are found to radically influence the area's productivity value. An area's productivity value might not be an indicator of resource use rates or productive efficiency, and could instead reflect resident managers' motivations towards money and the presence of opportunities to achieve scale economies. Acknowledgements:The authors thank the interviewees for their participation, time and contributions. For helpful comments we thank seminar participants at the Universities of Leeds, Cork and UWE and delegates at the RSA conference in Graz, Austria and the RSAI:BIS conference in Newquay, UK. For compiling the map, we thank Ian Smith.

show abstract

“…He shows that there is no fundamental difference between mark-up pricing, full cost pricing and target rate of return pricing. See also Gu and Lee (2012) for a short overview and Lee (1998) for a more detailed treatment.…”

Section: Financialisation and Changes In Functional Distribution: Potmentioning

confidence: 99%

Finance-dominated capitalism and re-distribution of income: a Kaleckian perspective

Hein¹

2013

Cambridge Journal of Economics

View full text Add to dashboard Cite

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Finance-dominated Capitalism -and Its Crisis (2012), and it updates and extends the analysis provided there. Correspondence: eckhard.hein@hwr-berlin.de. Terms of use: Documents inThe Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals.Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad.

show abstract

“…Prices are administered on the basis of different cost-plus methods (e.g., fullcost, normal cost, target-rate of return). The simplest method commonly used in Post-Keynesian analysis is the Kaleckian markup approach (Kalecki 1971), where prices depend on unit prime (or direct) costs, and a gross margin (i.e., markup at the micro/firm level) is applied to these unit costs, giving us the price of the good (Lavoie 1992;Lee 1998). Some price leaders may apply fixed margins, while others may prefer variable margins; in the aggregate, however, the Kaleckian approach shows that the macro/economy-wide markup is determined by the level and composition of final demand.…”

Section: The Basic Two-sector Modelmentioning

confidence: 99%

Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model

Tcherneva

¹

2012

View full text Add to dashboard Cite

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may February 2012The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals.Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. 1 ABSTRACTThis paper augments the basic Post-Keynesian markup model to examine the effects of different fiscal policies on prices and income distribution. This is an approach à la Hyman P.Minsky, who argued that in the modern era, government is both "a blessing and a curse,"since it stabilizes profits and output by imparting an inflationary bias to the economy, but without stabilizing the economy at or near full employment. To build on these insights, the This paper presents a framework for thinking about the comparative macroeconomic advantages and disadvantages of alternative fiscal policies. Recall that, for Keynes, the very reason for the existence of fiscal policy was to correct the two outstanding faults of society, namely: 1) its failure to produce and preserve full employment; and 2) its inability to secure a more equitable income distribution. The paper evaluates different fiscal policies in light of their ability to address these two fundamental problems. Note that when Keynes advocated an expanded role for government in the context of its objective to secure full employment, he did not advocate just any kind of big government. He favored fiscal policy via direct public employment programs both in contractions and in expansions (Tcherneva 2011(Tcherneva , 2012.Direct job creation and public investment are no longer the policies of first resort when dealing with unemployment and business fluctuations. Indeed, income support to households 1 This figure includes transfer payments to households, and states and subsidies to firms, which do not enter the GDP calculations. It is a gross figure that does not account for total government receipts. If it did, the federal government's net dissaving (i.e., the federal government deficit) would equal 9 percent of GDP in 2010. 3(in the form of unemployment ...

show abstract

Post Keynesian Price Theory

Cited by 78 publications

References 0 publications

Explaining productivity in a poor productivity region

Explaining productivity in a poor productivity region

Finance-dominated capitalism and re-distribution of income: a Kaleckian perspective

Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model

Contact Info

Product

Resources

About