Problems With Post Keynesian Price Theory
A Marxist Perspective
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.
|Keywords||price, money, costs of production, credit, markup, profits, wage rate|
|Series||ISS Staff Group 1: Economics of Sustainable Development|
|Journal||World Review of Political Economy (WRPE) (online)|
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