Download New Guide to Post-Keynesian Economics by S. Pressman PDF

By S. Pressman

Eichner's vintage A advisor to Post-Keynesian Economics (1978) remains to be visible because the definitive staging submit for these wishing to familiarise themselves with the Post-Keynesian university. This ebook brings the tale up-to-date.Of the entire subgroups inside heterodox economics, Post-Keynesianism has supplied the main convincing substitute to mainstream idea. the most representatives of the Post-Keynesianism from each side of the Atlantic are represented the following, together with Paul Davidson, Geoff Harcourt and Sheila Dow.

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1996) “Unproductive Outlays and Capital Accumulation with Target-return Pricing,” Review of Social Economy, 54(3): 303–321. Lavoie, M. (1996/97) “Real Wages, Employment Structure, and the Aggregate Demand Curve in a Kaleckian Short Run Model,” Journal of Post Keynesian Economics, 19(2): 275–88. Lavoie, M. and Ramírez-Gastón, P. (1997) “Traverse in a Two-sector Kaleckian Model of Growth with Target Return Pricing,” Manchester School of Economic and Social Studies, 55(1): 145–169. S. (1985) “Full Cost Prices, Classical Price Theory, and Long Period Method Analysis: a Critical Evaluation,” Metroeconomica, 37(2): 199–219.

This interpretation can also be found in some earlier works of Kalecki and has been endorsed by Cowling (1982). On this view markup pricing appears to be profit maximization under conditions of imperfect competition, in a trial-anderror disguise. There are two responses to this claim. First, a number of authors have pointed out that demand elasticities computed in empirical studies are inconsistent with this profit-maximizing interpretation of markup pricing. In particular, Koutsoyiannis (1984) found that for most industries the price-elasticity of demand is below one.

Determinants of the markup While Post Keynesians have long endorsed cost-plus pricing, mainstream economists have recently begun to make use of markup pricing. Mainstream authors using this rule of thumb usually point out that a markup over unit variable costs is consistent with profit maximization – the markup depends on the elasticity of demand and is set to equate marginal cost and marginal revenue. This interpretation can also be found in some earlier works of Kalecki and has been endorsed by Cowling (1982).

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