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Neo-Schumpeterian price theory with Sraffian and post-Keynesian elements

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  • Harry Bloch

    (Curtin University)

Abstract

This paper contributes to the development of a neo-Schumpeterian price theory by combining elements of Sraffian and post-Keynesian price theory with elements drawn from Schumpeter’s own theory of prices. The result is an integrated heterodox approach to price theory incorporating the realism of post-Keynesian pricing rules and the rigour of Sraffa’s formal modelling, along with Schumpeter’s insight that capitalism develops “from within” in a disruptive and uneven manner.

Suggested Citation

  • Harry Bloch, 2018. "Neo-Schumpeterian price theory with Sraffian and post-Keynesian elements," Journal of Evolutionary Economics, Springer, vol. 28(5), pages 1035-1051, December.
    • Handle: RePEc:spr:joevec:v:28:y:2018:i:5:d:10.1007_s00191-017-0545-1
    DOI: 10.1007/s00191-017-0545-1
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    References listed on IDEAS

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    1. Metcalfe, J S, 1994. "Competition, Fisher's Principle and Increasing Returns in the Selection Process," Journal of Evolutionary Economics, Springer, vol. 4(4), pages 327-346, November.
    2. Harry Bloch & Stan Metcalfe, 2018. "Innovation, creative destruction, and price theory," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(1), pages 1-13.
    3. Richard Nelson, 2013. "Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 17-38, January.
    4. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    5. Brendan Markey-Towler, 2016. "Law of the jungle: firm survival and price dynamics in evolutionary markets," Journal of Evolutionary Economics, Springer, vol. 26(3), pages 655-696, July.
    6. David Haas, 2015. "Diffusion Dynamics and Creative Destruction in a Simple Classical Model," Metroeconomica, Wiley Blackwell, vol. 66(4), pages 638-660, November.
    7. Kurz, Heinz D., 2008. "Innovations and profits: Schumpeter and the classical heritage," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 263-278, July.
    8. Carlota Perez, 2002. "Technological Revolutions and Financial Capital," Books, Edward Elgar Publishing, number 2640.
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    More about this item

    Keywords

    Schumpeter; Price theory; Sraffa; Post-Keynesian;
    All these keywords.

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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