Post Keynesian Price Theory

Abstract

This paper examines and develops the firm-centered price theory of Post Keynesian economics. It takes issue with the traditional interpretation of that theory, arguing that although its prices are cost-based, they are not cost-determined. The distinctiveness and significance of the theory are located elsewhere, in the strategic determination of prices and the conception of the firm that underlies it. The costs of firms are examined along with their prices, with special attention paid to the overhead allocations of the firm and the validity of the full cost conception of its prices.

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