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Extra info for Introduction to Post-Keynesian Economics

Sample text

We can therefore say that the price is ‘administered’, as Means (1936) would put it. Of course there is interdependence between the products. The price of intermediate goods sold by one firm to other firms in a different sector becomes a cost for these firms (this interdependence is a crucial element in Sraffian models). Mark-up pricing The simplest post-Keynesian theory of price formation is the Kaleckian theory of mark-up pricing. It is in fact the oldest pricesetting method, which is still used today by a number of small and medium enterprises, since it involves very little accounting expertise.

2: Growth rate Finance and expansion frontiers of a single firm Heterodox Microeconomics 39 and negative effects. We assume that when rates of growth are weak, positive effects outweigh the negative effects. When firms invest a lot, they are better able to integrate the latest technologies and therefore reduce their costs of production and increase their profit rate. However, with ever faster growth, it becomes more difficult to familiarize employees with the philosophy and the management techniques of the firm.

How much do you want? I: Nothing, Sir. M: It’s too dear. (Jean Anouilh (1972) [1951], L’invitation au château, Paris: Éditions de la Table Ronde (Folio), Paris, Act IV, pp. 325–8) The text is an excellent example of lexicographic ordering. When Messerchmann asks Isabelle how much money she would be willing to accept to leave the castle, she says ‘nothing’. This is a protest bid. Her departure cannot be bought, or if it could, the required amount of money would be infinite. Her preferences are lexicographic.

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