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Post-Keynesian Explanations of Money Price

In: Explorations in Marx’s Theory of Price—Why Marx Is Still Relevant for Understanding the Modern Economy

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  • Howard Nicholas

    (Erasmus University Rotterdam)

Abstract

In this chapter I outline and critically evaluate the Post-Keynesian (PK) explanation of the money price of a commodity. The basic argument I develop is that the PK conception of the value of the commodity causes them to have an illogical and counterintuitive explanation of the relative money price of the commodity and the aggregate money prices of all commodities. It requires PKs to begin their explanation of the money price of the commodity with an explanation of changes in the money prices of all commodities by changes in the money wage rate. They then proceed to an explanation of changes in relative money prices of commodities by changes in relative demand over the short period and profit margins over the long period. Their explanation of money prices of commodities requires PKs to see changes in relative money prices taking place independently of changes in aggregate money prices and deny the influence of the productivity of labour on both, notwithstanding their formal arguments to the contrary with respect to the aggregate money price level.

Suggested Citation

  • Howard Nicholas, 2023. "Post-Keynesian Explanations of Money Price," Palgrave Macmillan Books, in: Explorations in Marx’s Theory of Price—Why Marx Is Still Relevant for Understanding the Modern Economy, chapter 0, pages 161-193, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-56564-8_6
    DOI: 10.1057/978-1-137-56564-8_6
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