This article looks critically at the Post Keynesian theory of price. It is argued that underlying this theory is a view of the economy from the perspective of the entrepreneur, and it is this perspective that causes Post Keynesians to have a flawed understanding of prices. Specifically, it causes Post Keynesians to have an essentially circuitous and, in the final instance, vacuous explanation of prices. In a nutshell, Post Keynesians end up explaining prices by prices and, in the final instance, the value of money.

Additional Metadata
Keywords price, money, costs of production, credit, markup, profits, wage rate
Persistent URL hdl.handle.net/1765/51661
Series ISS Staff Group 1: Economics of Sustainable Development
Journal World Review of Political Economy (WRPE) (online)
Citation
Nicholas, H.V.B. (2014). Problems With Post Keynesian Price Theory. World Review of Political Economy (WRPE) (online), 5(1), 78–95. Retrieved from http://hdl.handle.net/1765/51661