Post-Keynesian Theory of Business Enterprise and the Veblenian´s Approach: Are there commonalities?
AbstractThe 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.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 16768.
Date of creation: 01 Mar 2008
Date of revision: 10 Jul 2008
Theory of the Firm; Postkeynesian Economics; Institutional Economics.;
Find related papers by JEL classification:
- D2 - Microeconomics - - Production and Organizations
- M2 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics
- B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
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