This timely book explores the defining features of post Keynesian economics through an examination of pricing, and empirically investigates pricing behaviour from the post Keynesian point of view.
It uses a synthesis of ideas from realist philosophy and methodology to explore post Keynesian pricing theory and identifies a coherent core of post Keynesian pricing theory, strongly supported by a wide range of evidence. Paul Downward critically reviews and extends both the econometric and the non-econometric evidence as a basis of understanding the causal processes of pricing. Taking into account Keynes's notions of the `weight of evidence' and `negative analogy,' the post Keynesian account of pricing offered in the book appears compelling. The evidence presented by the author will raise substantial questions about neoclassical accounts of pricing.
This book will be required reading for those interested in post Keynesian economics, methodology, behavioural economics and institutional economics as well as for marketing and management theorists and those generally interested in pricing decisions.