policy economy

Tutorial Paper Discussion Question

‘Prices reflect the interests of firms rather than the conditions of their industries or markets. They are strategically determined rather than cost-determined, and it is that strategic determination of prices, and the conception of the firm that underlies it, that gives the Post Keynesian theory its realism and significance’ [N.Shapiro and M.Sawyer (2003) ‘Post Keynesian Price Theory’, Journal of Post Keynesian Economics, 25 (3), 355-364, p.302].

Explain and evaluate this conclusion.

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