Old controversy revisited: pricing, market structure, and competition
AbstractIn this essay, I examine the connection between pricing, profit mark ups, competition, and economic activity from a heterodox perspective. These issues are examined utilizing a two-industry Burchardt-Kaleckian production model and a labor-based mark up pricing model; the conclusion reached is that market structure and competition have no fundamental role in affecting pricing, profit mark ups, or economic activity. However, it is generally perceived in heterodox economics that competition does play an important role in the economy. This theme is discussed in conjunction with the going business enterprise.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 30490.
Date of creation: 03 Mar 2011
Date of revision:
Heterodox; Pricing; Competition;
Find related papers by JEL classification:
- D4 - Microeconomics - - Market Structure and Pricing
- B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-05-14 (All new papers)
- NEP-COM-2011-05-14 (Industrial Competition)
- NEP-HME-2011-05-14 (Heterodox Microeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.
- Fabiani, Silvia & Loupias, Claire & Martins, Fernando & Sabbatini, Roberto (ed.), 2007. "Pricing Decisions in the Euro Area: How Firms Set Prices and Why," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195309287, October.
- Lee, Frederic, 2011. "Heterodox microeconomics and the foundation of heterodox macroeconomics," MPRA Paper 30491, University Library of Munich, Germany.
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