 Post-Keynesian Explanations of Money PriceHoward Nicholas ()
Chapter Chapter 6 in Explorations in Marx’s Theory of Price—Why Marx Is Still Relevant for Understanding the Modern Economy, 2023, pp 161-193 from Palgrave Macmillan Abstract: Abstract In this chapter I outline and critically evaluate the Post-Keynesian (PK) explanation of the money price of a commodity. The basic argument I develop is that the PK conception of the value of the commodity causes them to have an illogical and counterintuitive explanation of the relative money price of the commodity and the aggregate money prices of all commodities. It requires PKs to begin their explanation of the money price of the commodity with an explanation of changes in the money prices of all commodities by changes in the money wage rate. They then proceed to an explanation of changes in relative money prices of commodities by changes in relative demand over the short period and profit margins over the long period. Their explanation of money prices of commodities requires PKs to see changes in relative money prices taking place independently of changes in aggregate money prices and deny the influence of the productivity of labour on both, notwithstanding their formal arguments to the contrary with respect to the aggregate money price level. Date: 2023 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-56564-8_6 Ordering information: This item can be ordered from DOI: 10.1057/978-1-137-56564-8_6 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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