Abstract
The paper looks at the development of Kalecki’s pricing theory, arguing that there was substantial modification and change in the various formulations, and therefore it rejects any argument of continuity in that theoretical development. It considers the elements common to all versions of the theory before concentrating on the earliest formulation. Although, in this version, the analysis concentrated on the individual firm, this was broadened in later versions to incorporate industry-wide considerations; however Kalecki never adequately dealt with the problems of defining an industry. Kalecki’s 1939–1942 work on price theory is seen as an unsuccessful attempt to widen the scope of the analysis by utilizing the tools of orthodox microeconomic theory. After the detour provided by these articles, Kalecki made various attempts to reformulate the theory, but did not appear to be satisfied with any of them.
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© 2016 Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile
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Kriesler, P. (2016). Kalecki’s Pricing Theory Revisited. In: Post-Keynesian Essays from Down Under Volume I: Essays on Keynes, Harrod and Kalecki. Palgrave Macmillan, London. https://doi.org/10.1057/9781137475381_10
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DOI: https://doi.org/10.1057/9781137475381_10
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