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

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  • Paul Downward

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.

Suggested Citation

  • Paul Downward, 2001. "Revisiting a Historical Debate on Pricing Dynamics in the United Kingdom: Further Confirmation of Post Keynesian Pricing Theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 24(2), pages 329-344, December.
    • Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:329-344
    DOI: 10.1080/01603477.2001.11490329
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    1. Paul Downward, 1999. "Pricing Theory in Post Keynesian Economics," Books, Edward Elgar Publishing, number 1457.
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    Cited by:

    1. Kemp-Benedict, Eric, 2014. "The inverted pyramid: A neo-Ricardian view on the economy–environment relationship," Ecological Economics, Elsevier, vol. 107(C), pages 230-241.

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