Post Keynesian Price Theory (Modern Cambridge Economics Series): Frederic S. Lee
Cambridge University Press | ISBN: 0521328705 | 1999-02-13 | PDF (OCR) | 292 pages | 1.09 Mb
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.
Summary: A book for those who can't understand ch.20 of Keynes'sGT
This book is the net result of nearly sixty years of confusion about the microeconomic foundations of the General Theory created by Richard Kahn(RK) and Joan(JR) and Austin Robinson(AR).Essentially,the author of this book blends the administered pricing approach of Gardinar Means,the normal cost pricing approach of Philip Andrews,and the mark up pricing approach of Michal Kalecki and later assorted Cambridge Keynesians into a consistent non neoclassical microeconomic theory that is supposed to allow post keynesians to present a unified front in their microeconomic foundations.Unfortunately,the economics of John Maynard Keynes becomes completely irrelevant because the theory of effective demand and the existence of involuntary unemployment is completely independent of the theory of the firm and/or price theory,be it classical,neoclassical,post keynesian,Kaleckian,non neoclassical,etc.Lee is implicitly basing the need for his clarifying exposition in this book on the claim,repeatedly made by JR,AR, and RK over a 60 year period ,that Keynes failed to support his macroeconomic theory of effective demand with any rigorous microeconomic foundation in price or value theory,a price or value theory which should have been imperfectly competitive in order to be realistic.Keynes provided a completely consistent and rigorous microeconomic foundation for his theory of effective demand based on the theory of purely competitive firms.The mathematical structure of both Keynes's pure competition and A C Pigou's free competition,assumed in his 1933 book,The Theory of Unemployment is, of course, the same as that of perfect competition.Keynes's general theory result,obtained from chapter 10,p116,ft.2 and chapter 20,p.283,ft.2and discussed by Keynes in his comparison-contrast of his mathematical model with that of Pigou's mathematical model in the appendix to chapter 19 of the GT,is that a macroscopic general equilibrium that is optimal is given by the condition that w/p=mpl/(mpc+mpi),where w/p equals the real wage,mpl equals the marginal product of labor,mpc equals the marginal propensity to spend on consumption goods,and mpi equals the marginal propensity to spend on investment goods.If the mpc+mpi=1,Keynes's theory merges with the classical and the neoclassical theories.Onthe other hand,if mpc+mpi<1,the result will be an unemployment equilibrium with some level of involuntary unemployment.Keynes established the existence of multiple equilibria as the general result to be expected in a capitalist economy with its highly unstable,volatile,uncertain investment sector.None of these Keynesian results are duplicated in Lee's theory.In fact,it is impossible to derive any such result from any kind of imperfect competition theory such as Lee's.Lee can,of course,integrate Keynes's chapter 20 into his model.However, that result is independent of any microeconomic theory.
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