2017
DOI: 10.1007/s00191-017-0545-1
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Neo-Schumpeterian price theory with Sraffian and post-Keynesian elements

Abstract: This paper contributes to the development of a neo-Schumpeterian price theory by combining elements of Sraffian and post-Keynesian price theory with elements drawn from Schumpeter's own theory of prices. The result is an integrated heterodox approach to price theory incorporating the realism of post-Keynesian pricing rules and the rigour of Sraffa's formal modelling, along with Schumpeter's insight that capitalism develops "from within" in a disruptive and uneven manner. JEL codes: D40, O30, B52 * An earlier v… Show more

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Cited by 3 publications
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“…When capitalism realized the harm of the financial crisis, the inevitable connection between the government and the market was gradually established. This connection was that the government should play its role in the occurrence of a financial or economic crisis and regulate the market by means of macro-control [1].…”
Section: Post-keynesian Economics and Financial Crisismentioning
confidence: 99%
“…When capitalism realized the harm of the financial crisis, the inevitable connection between the government and the market was gradually established. This connection was that the government should play its role in the occurrence of a financial or economic crisis and regulate the market by means of macro-control [1].…”
Section: Post-keynesian Economics and Financial Crisismentioning
confidence: 99%
“…Attention was drawn to this problem by Harry Bloch and Stan Metcalfe at the International Schumpeter Society Conference in 2014 in Jena, sparking my personal interest in the problem of recovering a price theory from evolutionary models (Markey‐Towler, ). I am very glad Professor Bloch has now provided an extended discussion in Schumpeter's Price Theory of his research program addressing this problem (including Bloch, , ; Bloch & Metcalfe, ) which I have followed with some interest. This volume is a valuable contribution to the literature on price theory, and will be of substantial interest to anyone interested in the recovery of a compelling theory of prices from evolutionary economics models, or price theory in general.…”
mentioning
confidence: 99%