By Frederic S. Lee
This e-book units out the principles of put up Keynesian expense concept. Frederic Lee examines the administered, general price and mark up rate doctrines linked to put up Keynesian economics; he then attracts upon these doctrines and former empirical experiences to enhance the pricing and construction foundations of the idea. this is often the single e-book that's completely thinking about publish Keynesian fee conception and its foundations, and represents a big contributon to the literature of post-Keynesian economics.
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Extra info for Post Keynesian price theory
He also stated that administered prices could either be sensitive or insensitive to variations in sales or inventories. Sensitive administered prices could be identi®ed as those which remained constant for days at a time but having upwards of 50 or more discontinuous price changes per year, such as the administered price for standard cotton yarn; while insensitive administered prices, on the other hand, could be identi®ed as those which remained constant for months or years at a time, such as the administered prices for automobiles, The Saturday Evening Post, or the New York subway.
Secondly, up until the late 1940s, Means believed that the managers and controllers strove to maximize the pro®ts of the corporation. 24 The doctrine of administered prices of a functioning body of consumers'' (Berle and Means, 1932, pp. 305± 6). The emergence of passive and active property mirrored another development, Means argued, that of splitting the traditional theoretical picture of the saving±investment process into two independent stages under the control of separate groups of individuals.
DuBrul of the Code Analysis Section in the Research and Planning Division also became a member. Over the next few months the committee concerned themselves with problems of costs, cost formulas, loss leaders, and sales below costs; but, in spite of the memoranda they sent out, the Committee's work had little impact on the ongoing debate over the NRA price policy (Hawley, 1966; Minutes of Committee on Prices, 1933m; Carter, 1934; Roos, 1937; Means, 1953dm; and Ohl, 1985). In taking the job with Wallace, Means took it for granted that he would be trying to develop policies and instruments that would make the economy work more effectively.
Post Keynesian price theory by Frederic S. Lee