Denial, Rationalization, and the Administered Price Thesis

Gyun Cheol Gu

No PKWP2603, Working Papers from Post Keynesian Economics Society (PKES)

Abstract: This paper analyzes neoclassical reactions to Gardiner Means's administered price thesis during 1980-2000. It shows that his original idea has been continuously denied by mainstream economists. At the same time, it has been transformed through a multiplicity of rationalization processes into one or another bastardized form. However, their attempts to deny and/or rationalize the thesis are unsuccessful as their sanitized versions of Means’s theory turn out to be self-contradictory in the neoclassical framework.

Keywords: Gardiner Means; Price rigidity; Administered price (search for similar items in EconPapers)
JEL-codes: B21 B50 D43 (search for similar items in EconPapers)
Pages: 23
Date: 2026-02
New Economics Papers: this item is included in nep-hpe
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