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Denial, Rationalization, and the Administered Price Thesis

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  • Gyun Cheol Gu

Abstract

This paper analyzes neoclassical reactions to Gardiner Means's administered price thesis during 1980-2000. It shows that his original idea has been continuously denied by mainstream economists. At the same time, it has been transformed through a multiplicity of rationalization processes into one or another bastardized form. However, their attempts to deny and/or rationalize the thesis are unsuccessful as their sanitized versions of Means’s theory turn out to be self-contradictory in the neoclassical framework.

Suggested Citation

  • Gyun Cheol Gu, 2026. "Denial, Rationalization, and the Administered Price Thesis," Working Papers PKWP2603, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp2603
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    File URL: https://postkeynesian.net/media/working-papers/PKWP2603.pdf
    File Function: First version, 2026
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    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection

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