Steedman versus Kalecki

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Steedman versus Kalecki: Erste Fassung

Author:: Steindl, Josef

Scope:: Typoskript, 6 Blätter, 7 Seiten, mit zahlreichen eigenhändigen Korrekturen und Ergänzungen

Year of publication:: 1993

Source material date:: [vermutlich um 1993]

Language:: English

JEL Classification:: E11 [General Aggregative Models: Marxian, Sraffian, Kaleckian]

Shelfmark:: S/M.13.3

DOI:: https://doi.org/10.48671/nls.js.AC14446016

Overheads have apparantly increased substantially in the post war decades (see the material given in Cowlings Monopoly Capitalism ) and the mark up has increased correspondingly. One might argue, of course, in the spirit of Baran-Sweezy, that the monopoly power had increased but the large concerns have used the potential surplus in order to spend on research, on sales cost etc with the aim of discouraging potential new entrants. I think, however, that we should recognise that the mark up contains a basic element determined by the amount of overheads which have to be covered if the business is to survive for more than a short time. Another example: It is recognised, I think, that in consequence of the oil shock the profits of the oil using industries would have increased enormously if the mark up had been unchanged. This certainly complicates matters in so far as we have to be careful in interpreting the ratio of proceeds to prime cost when long term or also sudden structural changes come into play. I have suggested that in those cases the break even point may be a better indicator of monopoly or market power ( Steindl 1990 ). In a number of cases such as with regard to vertical integration in the context of mark up pricing I agree with Steedmann. I also agree with him very much when he deplores that all too little has been done to follow up and develop the stimuli given by Kalecki.I would not, however, advise those who want to follow this path to go in the direction implicitly advocated by Steedmann, namely development of the formal side but rather empirical research in various special fields or markets based on the orientation given by Kaleckian concepts. I want to repeat what I said elsewhere: Price formation is so heterogenous that we can not expect very r much from a general theory of pricing but rather more from a study Tkv-r In

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