Post-Keynesian Theory of Business Enterprise and the Veblenian´s Approach: Are there commonalities?
The main objective of this paper is to explore the possible common grounds, divergences and complementarities between the Veblenian’s approach on the Theory of Business Enterprise followed by Institutional economists, and the modern Post Keynesian Micro theory on Business enterprise. Due to the dispersion and lack of systematization of Institutional Economics regarding this body of theory, compared with the Post-Keynesian theory of the firm, the main efforts of this paper will be dedicated to a short survey of the Institutional approach. In the second section of the paper I review the basic ideas presented in Veblen’s main contributions on this area regarding business enterprises (industrial process, main principles, role of credit, ownership structure, the legal framework, the price behavior and the cultural incidences). Then, I make a comparison with the main theoretical results that modern postkeynesian vision has developed regarding structure of production, costing, pricing, investment, and competition and market governance . I claim that even though there are commonalities and some minor divergences between the two approaches, complementarities among them are more relevant, although the main areas of research have been somewhat different. I end with some conclusions that underline possible areas of cooperation between these two schools of economic thought within the heterodox paradigm.
|Date of creation:||01 Mar 2008|
|Date of revision:||10 Jul 2008|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Fred Moseley & Michel Vale, 1988. "Introduction," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 18(2), pages 3-9, July.
- John F. Henry & L. Randall Wray, 1998.
- John F. Henry & L. Randall Wray, 1998. "Economic Time," Economics Working Paper Archive wp_255, Levy Economics Institute.
- Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
- Dow, Sheila C., 2000. "Prospects for the Progress of Heterodox Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 22(02), pages 157-170, June. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:16768. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.