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Post-keynesian micro theory on business enterprise and the veblenian´s aproach: ¿are there commonalities?

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  • Jairo Parada Corrales

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Abstract

The main objective of this paper is to explore the possible common grounds, divergences and complementarities between the Veblenian´s approach on the Theory of Business Enterprise followed by Institutional economists, and the modern Post Keynesian Micro theory on Business enterprise. Due to the dispersion and lack of systematization of Institutional Economics regarding this body of theory, compared with the Post-Keynesian theory of the firm, the main efforts of this paper will be dedicated to a short survey of the Institutional approach. In the second section of the paper I review the basic ideas presented in Veblen´s main contributions on this area regarding business enterprises (industrial process, main principles, role of credit, ownership structure, the legal framework, the price behavior and the cultural incidences). Then, I make a comparison with the main theoretical results that modern postkeynesian vision has developed regarding structure of production, costing, pricing, investment, and competition and market governance . I claim that even though there are commonalities and some minor divergences between the two approaches, complementarities among them are more relevant, although the main areas of research have been somewhat different. I end with some conclusions that underline possible areas of cooperation between these two schools of economic thought within the heterodox paradigm.El principal objetivo de este ensayo es explorar los puntos de convergencia, divergencias y complementariedades, entre el enfoque de Veblen sobre la teoría de la firma seguida por los Economistas Institucionalistas, y la teoría moderna Postkeynesiana de la firma. Debido a la dispersión y falta de sistematización de la teoría institucionalista Original de la firma comparada con la teoría Postkeynesiana, los mayores esfuerzos del ensayo se dedican a hacer una revisión de los principales aportes de la teoría del institucionalismo original a la teoría de la firma. En la segunda sección se hace un recorrido de los principales aportes de Thorstein Veblen a la teoría de la empresa de negocios cubriendo aspectos como el proceso industrial, el papel del crédito, la estructura de la propiedad, la estructura jurídica, las reglas de fijación de precios y el ambiente cultural que la afecta. Luego se establece una comparación con la moderna teoría postkeynesiana de la firma en relación a la estructura de la producción, costos, precios, inversión, competencia y gobernanza del mercado. Sostengo que aunque hay coincidencias y algunas menores divergencias entre los dos enfoques, las complementariedades son más relevantes, aunque las áreas de investigación han sido distintas. Al final se presentan conclusiones y posibles líneas de cooperación entre las dos escuelas de pensamiento del paradigma heterodoxo.

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Article provided by UNIVERSIDAD DEL NORTE in its journal REVISTA DE ECONOMÍA DEL CARIBE.

Volume (Year): (2008)
Issue (Month): ()
Pages:

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Handle: RePEc:col:000382:007106

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Keywords: Theory of the Firm; Postkeynesian Economics; Institutional EconomicsTeoría de la Firma; Economía Postkeynesiana; Economía Institucional;

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  1. Lee,Frederic S., 1999. "Post Keynesian Price Theory," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521328708.
  2. Dow, Sheila C., 2000. "Prospects for the Progress of Heterodox Economics," Journal of the History of Economic Thought, Cambridge University Press, Cambridge University Press, vol. 22(02), pages 157-170, June.
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