A01=Nobantu L. Mbeki
A01=Nobantu Mbeki
AFC
Author_Nobantu L. Mbeki
Author_Nobantu Mbeki
Average Industry Price
Average Prime Costs
Average Variable Costs
Capacity Utilisation
Capacity Utilisation Rate
Category=KCA
Category=KCP
Category=KCZ
Contractual Incompleteness
Corporate Levy
economic methodology
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eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Excess Capacity
firm behaviour theory
Gross Profit
heterodox microeconomics
Imperfect Competition
Income Distribution
indeterminacy in economics
Industry Price
Industry Supply Curve
Kalecki's Analysis
Kaleckian Approach
Kaleckian Theory
Kalecki’s Analysis
Keynesian
Limited Interdependence
Margins
mark-up pricing models
Market Imperfection
Oligopolistic Firms
Post-Keynesian
Pricing
pricing under uncertainty
Profit Rate
Radical Uncertainty
Short Run Profit Maximisation
Social Provisioning Process
Theory of the firm
uncertainty-driven firm strategy
Vice Versa
Product details
- ISBN 9780367421045
- Weight: 780g
- Dimensions: 156 x 234mm
- Publication Date: 11 May 2023
- Publisher: Taylor & Francis Ltd
- Publication City/Country: GB
- Product Form: Hardback
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Within Post-Keynesian economics there is a spectrum of approaches to theories of the firm but what they have in common, to their great benefit, is a proper integration of the concept of radical uncertainty: data that cannot be known. This book revisits Kalecki’s theory of the firm is located to show that it constitutes fertile theoretical ground on which to systematically understand the resultant indeterminacy when firms operate under conditions of radical uncertainty. The author proposes a way of generalising radical uncertainty by integrating some of the separate approaches within Post-Keynesian economics centred around Kalecki’s work. Through this, it is shown that radical uncertainty does more than just change the ultimate motivation of firms (dropping short-run profit maximisation; more complex motivation; interconnectivity with the environment), it is central to the emergence, existence and motivation of firms, and critically also firm strategy. It is argued that firms do not simply respond to uncertainty: it is the systematic cause of their intentional behaviour. Through developing these arguments, the book also contributes to the methodology of Kalecki and Shackle, as well as Kaleckian price theory. This book will be important reading for anyone interested in theories of the firm, Post-Keynesian economics and heterodox approaches to economics more broadly.
Nobantu Mbeki, Lecturer in Economics, School of Economics and Finance, University of the Witwatersrand, South Africa
