The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

User Cost

  • Paul Davidson
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1871

Abstract

John Maynard Keynes developed the concept of user cost as a significant component of the supply price of any business enterprise. By introducing user cost as an expectational variable, Keynes hoped to bring the existing unrealistic economic theory back ‘to reality’ (Keynes 1936, p. 146). Keynes believed that the concept of user cost had ‘an importance … for the theory of value which has been overlooked’ (ibid., p. 66).

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Paul Davidson
    • 1
  1. 1.