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Kalecki’s Theory of Pricing: Notes on the Margin

In: Economic Papers 1941–88

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  • Josef Steindl

Abstract

Kalecki once said to me: In order to be useful a theory has to be simple. A good example of this simplicity is the mark-up. The concept corresponds to a practice which is familiar to business men; it has, therefore, a strong intuitive appeal. Theoretically its function is to enable us to distinguish between those changes in profit which result from the firm’s charging a higher price in relation to cost and those which are merely due to a larger turnover with given capacity — a fortuitous outside circumstance. The first follows from an increase in mark-up, not counting any response of demand (this corresponds to the ‘surplus value produced’ in Marxian terms), and the second from a change in the utilisation of a given capacity (this corresponds to ‘realised surplus value’ in Marx).

Suggested Citation

  • Josef Steindl, 1990. "Kalecki’s Theory of Pricing: Notes on the Margin," Palgrave Macmillan Books, in: Economic Papers 1941–88, chapter 21, pages 303-316, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-20821-0_21
    DOI: 10.1007/978-1-349-20821-0_21
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