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Frederic Lee and post-Keynesian pricing theory

Listed author(s):
  • Marc Lavoie

    (CEPN - Centre d'Economie de l'Université Paris Nord - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique, University of Ottawa [Ottawa])

Frederic Lee has been a major contributor to post-Keynesian economics, mainly to its theory of pricing. This article summarizes his objections to the neoclassical view of the firm and pricing, as well as his view that changes in quantities, rather than in prices, provide the important information to firms. It also outlines Lee's views on competition, and examines the three pricing doctrines Lee carefully analyzed—markup pricing (associated with Kalecki), normal-cost pricing or full-cost pricing (associated with Andrews), and target-return or administered pricing (associated with Means). The article then discusses the relationship between Lee and three strands of post-Keynesianism: Kaleckian, Sraffian and Eichnerian pricing theories. It explains why Lee objected to some features of each of these. The article concludes by discussing why, towards the end of his life, Lee felt (mistakenly) that his ideas had been dismissed by heterodox economists.

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Paper provided by HAL in its series Post-Print with number hal-01343753.

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Date of creation: 2016
Publication status: Published in Review of Political Economy, Taylor & Francis (Routledge), 2016, 28 (2), pp.169-186. <10.1080/09538259.2016.1149375>
Handle: RePEc:hal:journl:hal-01343753
DOI: 10.1080/09538259.2016.1149375
Note: View the original document on HAL open archive server: https://hal-univ-paris13.archives-ouvertes.fr/hal-01343753
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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