Post-Keynesian Theories of the Firm

Kalecki and Radical Uncertainty

Nobantu Mbeki (Autor)

Buch | Softcover

416 Seiten

2024
Routledge (Verlag)
978-1-032-46399-5 (ISBN)

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Within Post-Keynesian economics there is a spectrum of approaches to theories of the firm but what they have in common, to their great benefit, is a proper integration of the concept of radical uncertainty: data that cannot be known. This book revisits Kalecki’s theory of the firm is located to show that it constitutes fertile theoretical ground on which to systematically understand the resultant indeterminacy when firms operate under conditions of radical uncertainty. The author proposes a way of generalising radical uncertainty by integrating some of the separate approaches within Post-Keynesian economics centred around Kalecki’s work. Through this, it is shown that radical uncertainty does more than just change the ultimate motivation of firms (dropping short-run profit maximisation; more complex motivation; interconnectivity with the environment), it is central to the emergence, existence and motivation of firms, and critically also firm strategy. It is argued that firms do not simply respond to uncertainty: it is the systematic cause of their intentional behaviour. Through developing these arguments, the book also contributes to the methodology of Kalecki and Shackle, as well as Kaleckian price theory. This book will be important reading for anyone interested in theories of the firm, Post-Keynesian economics and heterodox approaches to economics more broadly.

Nobantu Mbeki, Lecturer in Economics, School of Economics and Finance, University of the Witwatersrand, South Africa

Part I: Uncertainty
1. Beyond the risk-uncertainty dichotomy
2. A reconsideration of Davidson’s taxonomy of uncertainty
3. Reclassifying theories of risk and uncertainty
Part II: Pricing Theory
4. Post Keynesian pricing theory
5. Interdependence, dynamics and post Keynesian pricing
6. Radical uncertainty and the limits of mark-up pricing
7. Existing elements towards a theory of the firm
Part III: Extending the Theory of the Firm
8. Mark-up pricing and radical uncertainty
9. From the outside in or inside out? Between firm and industry
10. The nature of competition
11. Pricing and accumulation
Part IV: Further Themes in Microeconomic Theory
12. A proposed methodology for working with indeterminacy
13. Resituating the Kaleckian firm within the evolving post Keynesian theory of the firm
14. Old and new tensions and new directions

Erscheinungsdatum	14.04.2023
Reihe/Serie	Routledge Frontiers of Political Economy
Zusatzinfo	7 Line drawings, black and white; 7 Illustrations, black and white
Verlagsort	London
Sprache	englisch
Maße	156 x 234 mm
Gewicht	790 g
Themenwelt	Wirtschaft ► Allgemeines / Lexika
Themenwelt	Wirtschaft ► Volkswirtschaftslehre
ISBN-10	1-032-46399-6 / 1032463996
ISBN-13	978-1-032-46399-5 / 9781032463995
Zustand	Neuware