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Old controversy revisited: pricing, market structure, and competition

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  • Lee, Frederic

Abstract

In this essay, I examine the connection between pricing, profit mark ups, competition, and economic activity from a heterodox perspective. These issues are examined utilizing a two-industry Burchardt-Kaleckian production model and a labor-based mark up pricing model; the conclusion reached is that market structure and competition have no fundamental role in affecting pricing, profit mark ups, or economic activity. However, it is generally perceived in heterodox economics that competition does play an important role in the economy. This theme is discussed in conjunction with the going business enterprise.

Suggested Citation

  • Lee, Frederic, 2011. "Old controversy revisited: pricing, market structure, and competition," MPRA Paper 30490, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:30490
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    File URL: https://mpra.ub.uni-muenchen.de/30490/2/MPRA_paper_30490.pdf
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    References listed on IDEAS

    as
    1. Miller,Ronald E. & Blair,Peter D., 2009. "Input-Output Analysis," Cambridge Books, Cambridge University Press, number 9780521517133.
    2. Miller,Ronald E. & Blair,Peter D., 2009. "Input-Output Analysis," Cambridge Books, Cambridge University Press, number 9780521739023.
    3. Fabiani, Silvia & Loupias, Claire & Martins, Fernando & Sabbatini, Roberto (ed.), 2007. "Pricing Decisions in the Euro Area: How Firms Set Prices and Why," OUP Catalogue, Oxford University Press, number 9780195309287.
    4. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    5. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.
    6. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.
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    Cited by:

    1. Lee, Frederic, 2011. "Heterodox microeconomics and the foundation of heterodox macroeconomics," MPRA Paper 30491, University Library of Munich, Germany.

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    More about this item

    Keywords

    Heterodox; Pricing; Competition;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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