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Financing investment under fundamental uncertainty and instability: A heterodox microeconomic view

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  • Jo, Tae-Hee

Abstract

The business enterprise in the real world wrestles with fundamental uncertainty and instability. Key enterprise decisions such as pricing, financing, and investment are thus made strategically rather than optimally. Heterodox economists are, however, divided in the account of business enterprise's financing behavior; macroeconomists put an emphasis on external financing, whereas microeconomists on internal financing. Moreover, they often stop short of establishing a link between the two. Drawing upon the social provisioning perspective, this essay aims at providing a new light on financing focusing on strategic enterprise decision-making mechanisms.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39450.

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Date of creation: 13 Jun 2012
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Handle: RePEc:pra:mprapa:39450

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Keywords: Business enterprise; pricing; financing; investment; uncertainty; instability; social provisioning process; social surplus; effective demand;

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  1. Lee, Frederic & Jo, Tae-Hee, 2010. "Social surplus approach and heterodox economics," MPRA Paper 27636, University Library of Munich, Germany.
  2. Hyman P. Minsky, 1996. "Uncertainty and the Institutional Structure of Capitalist Economies," Economics Working Paper Archive wp_155, Levy Economics Institute.
  3. Corbett, Jenny & Jenkinson, Tim, 1997. "How Is Investment Financed? A Study of Germany, Japan, the United Kingdom and the United States," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(0), pages 69-93, Supplemen.
  4. Jordan Melmies, 2010. "New Keynesians versus Post Keynesians on the theory of prices," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 32(3), pages 445-466, April.
  5. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
  6. Frederic S. Lee, 2002. "Theory creation and the methodological foundation of Post Keynesian economics," Cambridge Journal of Economics, Oxford University Press, vol. 26(6), pages 789-804, November.
  7. Lee,Frederic S., 2006. "Post Keynesian Price Theory," Cambridge Books, Cambridge University Press, number 9780521030212, April.
  8. Frederic S. Lee, 2011. "Modeling the Economy as a Whole: An Integrative Approach," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1282-1314, November.
  9. Drakopoulos, S A, 1994. " Hierarchical Choice in Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 8(2), pages 133-53, June.
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