Post-Keynesian Theories of the Firm

Kalecki and Radical Uncertainty

Nobantu Mbeki

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Hardback

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English

Routledge
11 May 2023

Economic theory & philosophy; Political economy; Economic history

Series: Routledge Frontiers of Political Economy

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.

By: Nobantu Mbeki
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 653g
ISBN: 9780367421045
ISBN 10: 0367421046
Series: Routledge Frontiers of Political Economy
Pages: 416
Publication Date: 11 May 2023
Audience: College/higher education , Primary
Format: Hardback
Publisher's Status: Active

Nobantu Mbeki, Lecturer in Economics, School of Economics and Finance, University of the Witwatersrand, South Africa