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Monopoly Power, Income Distribution And Price Determination

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  • L. Mainwaring

Abstract

A Kaleckian explanation of price determination under conditions of monopoly power is developed in the context of Sraffa's fixed capital system. Income distribution depends on firms’ ability to mark up prices above unit variable costs. Assuming that firms attempt to maximise their rates of growth, the effect of short‐run increases in monopoly power is a fall in real wages accompanied either by increased advertising expenditures or a reduced level of plant utilisation. A possible cause of such changes is variation in the bargaining power of labour unions.

Suggested Citation

  • L. Mainwaring, 1977. "Monopoly Power, Income Distribution And Price Determination," Kyklos, Wiley Blackwell, vol. 30(4), pages 674-690, November.
    • Handle: RePEc:bla:kyklos:v:30:y:1977:i:4:p:674-690
    DOI: 10.1111/j.1467-6435.1977.tb02695.x
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    Cited by:

    1. Antonio D'Agata & Kenji Mori, 2017. "An Analytical Foundation of the Classical View of Long-Period Prices with Differential Profit Rates," Metroeconomica, Wiley Blackwell, vol. 68(1), pages 22-46, February.
    2. David Evans, 1981. "Monopoly Power and Imperialism: Oscar Braun's Theory of Unequal Exchange," Development and Change, International Institute of Social Studies, vol. 12(4), pages 601-610, October.
    3. Duménil, Gérard & Lévy, 1997. "Being keynesian in the short term and classical in the long term," CEPREMAP Working Papers (Couverture Orange) 9702, CEPREMAP.

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