Post-Keynesian Price Theory

Abstract

In this chapter, post-Keynesian price theory will be delineated. Because prices do not, from a post-Keynesian perspective, coordinate economic activity nor make economic activity happen, their theoretical role in a going economy has to be located elsewhere. In particular, prices are the primary mechanism through which business enterprises obtain their income to continue as a going enterprise. Therefore post-Keynesian price theory is concerned with explaining how the prices set by enterprises are going concern prices; how going concern prices are established at the level of the market where enterprises have to engage in competition; and what is the role of the price system in the economy.

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