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P.W.S. Andrews (1914–1971)

In: The Palgrave Companion to Oxford Economics

Author

Listed:
  • John E. King

    (La Trobe University)

Abstract

After setting out briefly the details of P.W.S. Andrews’ life and academic career, this chapter concentrates on his original and distinctive theory of pricing in competitive oligopoly. Andrews’ ‘normal-cost principle’ of pricing was derived from his studies of actual business practices inside a number of British firms. It was set out in his 1949 book on Manufacturing Business and, much more clearly explained, in the ‘Netherlands Lectures’ that he delivered at the University of Groningen in 1952. Andrews saw himself as continuing Alfred Marshall’s work on price theory, in opposition to the narrow neoclassicism of later writers such as A.C. Pigou. The chapter concludes by speculating on the reasons for the failures of Andrews’ ideas to make a more substantial impact on microeconomic theory, before and after his death in 1971.

Suggested Citation

  • John E. King, 2021. "P.W.S. Andrews (1914–1971)," Springer Books, in: Robert A. Cord (ed.), The Palgrave Companion to Oxford Economics, edition 1, chapter 17, pages 395-415, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-58471-9_17
    DOI: 10.1007/978-3-030-58471-9_17
    as

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