Denial, Rationalization, and the Administered Price Thesis
Gyun Cheol Gu ()
MPRA Paper from University Library of Munich, Germany
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: Gardinar Means; Price rigidity; Administered price (search for similar items in EconPapers)
JEL-codes: B21 B50 D43 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-com, nep-hme and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:42594
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