A model for the post-Keynesian firm

Keywords: Theory of the Firm, Resource Based View, Post-Keynesian Theory.

Abstract

This paper aims at theoretically modelling the Post Keynesian firm. What we notice in the Post Keynesian literature is that there are several elements concerning the firm theory, however they are sparse; thereby, there is not a consolidated and summarized form of firm, in which all these relevant elements are combined to synthesize the Post Keynesian firm. But, if the Post Keynesian theory has not got a portrait of the its firm, what could mirror its constitution? To do so, this paper recalls to a firm that is already consolidated in the economic theory and that is not divergent to the Post Keynesians, the one furnished by the Resource Based View. Departing from an already available firm theory, the Resource Based View approach of the firm guides what must be looked at in order to design the synthesis of the Post Keynesian firm.  

Downloads

Download data is not yet available.

References

Barney, J. B. (1986). Strategic Factor Markets: Expectations, Luck, and Business Strategy. Management Science, 32(10), 1231–1241. https://doi.org/10.1287/mnsc.32.10.1231

Burlamaqui, L., & Proença, A. (2003). Inovação, Recursos e Comprometimento: Em Direção a uma Teoria Estratégica da Firma. Revista Brasileira de Inovação, 2(1), 79–110. https://doi.org/10.20396/rbi.v2i1.8648869

Chandler, A. D. (1967). Strategy and Structure. Cambridge: MIT Press.

Cohen, W., & Levinthal, D. (1989). Innovation and learning: the two faces of R&D. Economic Journal, 99(397), 569–596.

Davidson, P. (1996). Reality and Economic Theory. Journal of Post Keynesian Economics, 18(4), 479–508. https://doi.org/10.1080/01603477.1996.11490083

Dequech, D. (1999). Expectations and confidence under conditions of uncertainty. Journal of Post Keynesian Economics, 21(3), 415–430.

Dequech, D. (2004). Uncertainty: Individuals, institutions and technology. Cambridge Journal of Economics, 28(3), 365–378. https://doi.org/10.1093/cje/28.3.365

Durand, R. (1999). The relative contributions of inimitable , non transferable and non substitutable resources to profitability and market performance. In M. Hitt, P. Clifford, R. Nixon, & K. Coyne (Eds.), Dynamic Strategic Resources (pp. 67–95). Nova York: J. Wiley.

Eichner, A. (1976). The Megacorp and Oligopoly: Micro Foundations of Macro Dynamics. Cambridge University Press: Cambridge.

Eichner, A. (1979). A Guide to Post Keynesian Economics. White Plans: Nova York.

Eichner, A. (1985). Uma Teoria da Determinação do Mark-Up sob Condições de Oligopólio. Ensaios FEE, 6(2), 3–22.

Eichner, A. S. (1983). The micro foundations of the corporate economy. Managerial and Decision Economics, 4(3), 136–152. https://doi.org/10.1002/mde.4090040304

Feijó, C. A. (1993a). A firma em um Ambiente Inflacionário: uma visão pós-keynesiana. Revista Analise Econômica, 11(19), 122–135.

Feijó, C. A. (1993b). Decisões empresariais numa economia monetária de produção: notas para uma teoria pós-keynesiana da firma. Revista de Economia Política, 13(1), 82–100.

Galbraith, J. K. (1988). O Novo Estado Industrial. São Paulo: Nova Cultural.

Grant, R. M. (1991). The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation. California Management Review, 33(3), 114–135. https://doi.org/10.2307/41166664

Hall, R. L., & Hitch, C. J. (1939). Price Theory and Business Behaviour. Oxford Economic Papers, 2(1), 12–45. https://doi.org/10.1093/oxepap/os-2.1.12

Harcourt, G. C., & Kenyon, P. (1976). Pricing and the investment decision. Kyklos, 29(3), 449–477. https://doi.org/10.1111/j.1467-6435.1976.tb01984.x

Keynes, J. M. (1964). The General Theory of Employment, Interest and Money. Nova York: HBS.

Keynes, J. M. (1979). The General Theory and After: a supplement. In The Collected Writings of John Maynard Keynes (Vol. XXIX). Londres: Royal Economic Society.

Kretzer, J., & Menezes, E. A. (2006). A importância da visão baseada em recursos na explicação da vantagem competitiva. Revista de Economia Mackenzie, 4(4), 63–87.

Lavoie, M. (2014). Post Keynesian Economics: New Foundations. Aldershot: Edward Elgar.

Mahoney, J. T., & Padian, R. (1997). The Resource-Based View Within the Conversation of Strategic Management. In N. J. Foss (Ed.), Resources firms and strategies: a reader in the Resource-Based Perspective (pp. 363–380). Oxford: Oxford Management Readers.

Penrose, E. (2006). The Theory of the Growth of the Firm. Oxford: Basil Blackwell.

Peteraf, M. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14(3), 179–191.

Prahalad, C. K., & Hamel, G. (1990). The Core Competence of the Corporation. Harvard Business Review, 68(3), 79–91. https://doi.org/10.1007/3-540-30763-X_14

Santos, F., & Crocco, M. (2000). Technology and the Need for an Alternative View of The Firm in Post Keynesian Theory (No. 148). Texto para Discussão. Texto para discussao, Belo Horizonte: UFMG/Cedeplar.

Sylos-Labini, P. (1971). La Theorie des prix en regime d´oligopole et la theorie du development. Revue D´Economie Politique, 81(2), 244–272.

Wernerfelt, B., & Montgomery, C. A. (1988). Tobin’s q and the Importance of Focus in Firm Performance. The American Economic Review, 78(1), 246–250. https://doi.org/10.2307/1814713

Published
2019-03-11
How to Cite
Aidar, G. L., & Terra, F. H. B. (2019). A model for the post-Keynesian firm. Brazilian Keynesian Review, 4(2), 151-176. https://doi.org/10.33834/bkr.v4i2.81
Section
Articles