Revisiting a Historical Debate on Pricing Dynamics in the United Kingdom: Further Confirmation of Post Keynesian Pricing Theory

Paul Downward

Journal of Post Keynesian Economics, 2001, vol. 24, issue 2, 329-344

Abstract: This paper revisits an early econometric debate on pricing dynamics using modern time-series econometric techniques. This debate is a particularly interesting case because it is the only occasion in which excess demand and nonmainstream pricing hypotheses, emphasized in Post Keynesian economics, involving prices being set as a markup on costs, were directly addressed from the same data set. Coupled with a theoretical reassessment of the neoclassical model, the paper argues that these econometric results provide support Post Keynesian pricing theory, and normal-cost pricing in particular.

Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:mes:postke:v:24:y:2001:i:2:p:329-344

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DOI: 10.1080/01603477.2001.11490329

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