User Cost

Paul Davidson

Chapter 13 in Inflation, Open Economies and Resources, 1991, pp 139-143 from Palgrave Macmillan

Abstract: Abstract John Maynard Keynes developed the concept of user cost as a significant component of the supply price of any business enterprise. By introducing user cost as an expectational variable, Keynes hoped to bring the existing unrealistic economic theory back ‘to reality’ (Keynes, 1936, p. 146). Keynes believed that the concept of user cost had ‘an importance … for the theory of value which had been overlooked’ (Keynes, 1936, p. 66).

Keywords: Production Flow; User Cost; Production Decision; Supply Price; Orthodox Economic Theory (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11516-7_13

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DOI: 10.1007/978-1-349-11516-7_13

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