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New Keynesians versus Post Keynesians on the theory of prices

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  • Jordan Melmies

Abstract

The aim of this paper is to compare New Keynesian and Post Keynesian economics on the theory of prices. In the past two decades, there has been a revival in explanations of price rigidity with the emergence of the "new Keynesian" economists. These economists try to explain the price stickiness that all of the empirical studies on the topic confirm. This paper takes up the question of whether these study findings are compatible with the Post Keynesian theory of prices. On a deeper level, the paper explores the compatibility between the new Keynesian and Post Keynesian theory of prices.

Suggested Citation

  • Jordan Melmies, 2010. "New Keynesians versus Post Keynesians on the theory of prices," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(3), pages 445-466, April.
    • Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:445-466
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    Cited by:

    1. Tae-Hee Jo, 2013. "Saving Private Business Enterprises," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(2), pages 447-467, April.
    2. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    3. Hamid Raza & Thibault Laurentjoye & Mikael Randrup Byrialsen & Sebastian Valdecantos, 2023. "Resurgence of inflation: Assessing the role of Macroeconomic Policies," Working Papers PKWP2301, Post Keynesian Economics Society (PKES).
    4. Marc Lavoie & Eckhard Hein, 2015. "Going from a low to a high employment equilibrium," IMK Working Paper 144-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    5. Raza, Hamid & Laurentjoye, Thibault & Randrup Byrialsen, Mikael & Valdecantos, Sebastián, 2023. "Inflation and the role of macroeconomic policies: A model for the case of Denmark," Nülan. Deposited Documents 4077, Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación.
    6. Harry Bloch & Stan Metcalfe, 2018. "Innovation, creative destruction, and price theory," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(1), pages 1-13.
    7. Raza, Hamid & Laurentjoye, Thibault & Randrup Byrialsen, Mikael & Valdecantos, Sebastián, 2023. "Resurgence of inflation: Assessing the role of macroeconomic policies," Nülan. Deposited Documents 4080, Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación.
    8. Raza, Hamid & Laurentjoye, Thibault & Byrialsen, Mikael Randrup & Valdecantos, Sebastian, 2023. "Inflation and the role of macroeconomic policies: A model for the case of Denmark," Structural Change and Economic Dynamics, Elsevier, vol. 67(C), pages 32-43.

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