Note
to anyone reading this syllabus on the URPE Web site: All of my courses have
lecture notes, problems and tests, and if people want to use this material all
you need to do is to ask me. Fred
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COLLOQUIUM IN ADVANCED Professor
F. S. Lee
MICROECONOMICS Office: Manheim Hall Room 202D
(ECON 602) Office
Hours: MW 4.30 – 5.30
Fall 2003 or by appt.
E-mail: leefs@umkc.edu
Tel.: 816-235-2543
Lectures: Monday, Wednesday 5.30 – 5.45, ???????.
Texts: F.
S. Lee, Post Keynesian Price Theory.
P.
Downward, Pricing Theory in Post Keynesian Economics.
H.
Bortis, Institutions, Behaviour and Economic Theory: A Contribution to Classical-
M.
A. Lutz, Economics for the Common Good.
N.
Fligstein, The Architecture of Markets.
N.
J. Smelser and R. Swedberg, The Handbook of Economic Sociology.
R.
P. F. Holt and S. Pressman, A New Guide to Post Keynesian Economics
Problems: Problem
sets will be distributed.
Assessment: Mid-term
examination worth 25% of your final grade on
A set essay of 3,000
words, typed. It will assigned on
Final
exam worth 50% of your final grade on
Special Events: Lecture
by Professor John King on “Post Keynesian Macroeconomics” on
Lecture
by Dr. Stefan Kesting on “Heterodox Microeconomic Theory” on
Course Description: The course
covers heterodox/Post Keynesian microeconomic theory. It
introduces the student to the historical background and methodology of
the
theory and then deals with the business enterprise, production and
costs,
pricing and prices, industry and market, reproduction of the business
enterprise, consumer, industrial and government demand, market price and
market governance, trade associations, price leadership, government
regulation, and the microfoundations of heterodox/Post Keynesian
macroeconomics. The course will
also introduce the student to the
heterodox/Post Keynesian disaggregated price-output model of the
economy.
LECTURE
AND READING OUTLINE
I. Introduction
to Heterodox Microeconomic Theory
A. The
Scope of Heterodox Microeconomics
1. Bortis, Institutions, Behaviour and
Economic Theory, chs. 1 – 2, 5.
2. Dugger, W. M. 1996.
“Redefining Economics: From
Market Allocation to Social Provisioning.”
In Political Economy for the 21st Century, pp. 31 –
43. Edited by C. Whalen. Armonk:
M. E. Sharpe, Inc.
B. The Methodology of Heterodox
Microeconomics
1. Lawson, T. 1994.
"The Nature of Post Keynesianism and its Links to other
Traditions: a realist perspective." Journal of Post Keynesian Economics
16.4 (Summer): 503 - 538.
2. Strauss, A. and Corbin, J. 1994.
"Grounded Theory Methodology:
An Overview." In Handbook
of Qualitative Research, pp. 273 - 285.
Edited by N. K. Denzin and Y. S. Lincoln.
3. Wilber, C. K. and Harrison, R. S. 1978.
"The Methodological Basis of Institutional Economics: Pattern Model, Storytelling, and Holism." Journal of Economic Issues 12
(March): 61 - 89.
4. Downward, Pricing Theory, ch. 2.
5. Holt and Pressman, A New Guide to
Post Keynesian Economics, ch. 2.
6. Bortis, Institutions, Behaviour and
Economic Theory, chs. 3 and 5.
7. Finch, J. H. 2002.
“The Role of Grounded Theory in Developing Economic
Theory.” Journal of Economic Methodology 9.2: 213 – 234.
C. Structural
Organization of Economic Activity: An
Overview
1. Leontief, W. 1986. Input-Output
Economics.
2. Leontief, W. 1951. The
Structure of American Economy, 1919 - 1939.
3. Bureau of Economic Analysis. 1998. Benchmark
Input-Output Accounts of the
4. Lawson, A. M. 1997.
“Benchmark Input-Output Accounts for the
5. Okubo, S. O., Lawson, A. M., and
Planting, M. A. 2000. “Annual Input-Output Accounts of the
6. Bortis, Institutions, Behaviour and
Economic Theory, chs. 3 and 5.
[the input-output articles can be found at http://www.bea.doc.gov/ and then click on gross product and
input-output data and/or articles.]
II. The
Business
A. Nature of the Business
1. Moss, S. 1981. An
Economic Theory of Business Strategy.
2. Herman, E. S. 1981. Corporate
Control, Corporate Power.
3. Eichner, A. 1976. The
Megacorp and Oligopoly.
4.
5. Lee, Post Keynesian Price Theory,
chs. 1 - 10.
B. Structure
of Production and Costs of the Business
1. Eichner, A. S.
1976. The Megacorp and
Oligopoly.
2. Dean, J. 1976. Statistical
Cost Estimation.
*3. Gold,
B. 1981.
"Changing Perspectives on Size, Scale, and Returns," Journal
of Economic Literature 19 (March): 5
- 33.
4. Lee, F.
1986. “Post Keynesian View of
Average Direct Costs: A Critical
Evaluation of the Theory and the Empirical Evidence." Journal of Post Keynesian Economics
8.3 (Spring): 400 - 424.
C. Costing, Pricing, and Prices
1. Lee, Post Keynesian Price Theory,
ch. 11.
2. Downward, Pricing Theory, chs. 3
- 8.
3. Lee, F. S. 1995.
"From Post Keynesian to Historical Price Theory, Part II: Facts, Theory, and Empirically Grounded
Pricing Model," Review of Political Economy 7 (January): 72 - 124.
4. Hall, S, Walsh, M., and Yates, A. 2000.
“Are UK Companies’ Prices Sticky?”
5. Eichner, A. 1976. The
Megacorp and Oligopoly.
6. Holt and Pressman, A New Guide to
Post Keynesian Economics, ch. 3.
7. Downward, P. 2001.
“Price Stickiness: A Post
Keynesian Microeconomic Perspective.” Eastern
Economic Journal 27.2 (Spring): 165
– 182.
8. Downward, P. 2000.
“A Realist Appraisal of Post Keynesian Pricing Theory.”
D. Investment,
Employment, and Production
1. Moss, An Economic Theory of Business
Strategy, chs. 3 and 8.
2. G. C. Harcourt and P. Kenyon,
"Pricing and the Investment Decisions," Kyklos (1976): 449 - 477.
3. Lavoie, M. 1992. Foundations
of Post-Keynesian Economic Analysis.
4. Eichner, A. 1976. The
Megacorp and Oligopoly.
5. Bewley, T. F. 1999. Why
Wages Don’t Fall During a Recession.
III. The
Market and the Business
A. Industry and Market
*1. Nightingale,
J. 1978.
"On the Definition of 'Industry' and 'Market'," Journal of
Industrial Economics 27 (September):
31 - 40.
2. Moss, An Economic Theory of Business
Strategy, ch. 5.
*3. G.
B. Richardson, "Organization of Industry," The Economic Journal
(1972).
4. Fligstein, N. 1996.
"Markets as Politics: A
Political-Cultural Approach to Market Institutions," American
Sociological Review 61 (August): 656
- 673.
5. Granovetter, M. 1985.
"Economic Action and Social Structure: The Problem of Embeddedness," American
Journal of Sociology 91 (November):
481 - 510.
6. Smelser and Swedberg, The Handbook
of Economic Sociology, chs. 11 and 15.
7. Fligstein, The Architecture of
Markets, chs. 1 – 4.
B. Structure
of Market Demand: Consumer, Industrial,
and Government
1. Fuller, C. G. 1996.
"Elements of a Post Keynesian Alternative to 'Household
Production'". Journal of Post
Keynesian Economics 18 (Summer): 595
- 607.
2. Lavoie, M. 1994.
"A Post Keynesian Approach to Consumer Choice." Journal of Post Keynesian Economics 16
(Summer): 539 - 562.
3. Lavoie, M. 1992. Foundations
of Post-Keynesian Economic Analysis.
C. Structure
of Market Demand, the Business
1. Eiteman,
W. J. 1949. Price Determination: Business Practice versus Economic Theory.
*2. Robinson,
R. 1961.
"The Economics of Disequilibrium Price," Quarterly Journal
of Economics 75 (May): 199 - 233.
*3. Williams,
J. B. 1967. "The Path to
Equilibrium," Quarterly Journal of Economics 81 (May): 241 - 255.
4. Lee, F. S. 1990-91.
"Marginalist Controversy and Post Keynesian Price Theory," Journal
of Post Keynesian Economics 13 (Winter):
252 - 263.
5. Lee, F. S. 1984.
"Full Cost Pricing: A New
Wine in a New Bottle," Australian Economic Papers 23 (June): 151 - 166.
IV. Competition,
the Market Price, and Market Governance
A. Business
1. Richardson, G. B. 1965.
"The Theory of Restrictive Trade Practices,"
2. Moss, An Economic Theory of Business
Strategy, chs. 5 - 8.
3.
4. Grabher, G. (ed.) 1993. The
Embedded Firm.
5. Campbell, J., Hollingsworth, J., and
Lindberg, L. (eds.) 1991. Governance
of the American Economy.
B. Market
Governance and the Market Price: Trade
Associations, Price Leadership, Government Regulation, and Laws
*1. Howe,
M. 1972-73. "A Study of Trade Association Price
Fixing." Journal of Industrial
Economics 21: 236 - 256.
2. Maunder,
P. 1972.
"Price Leadership: an
appraisal of its character in some British Industry." The Business Economist 4.3 (Autumn):
132 - 140.
3. Richardson,
G. B. 1967. "Price Notification Schemes."
4. Smelser and Swedberg, The Handbook
of Economic Sociology, ch. 18.
V. Microfoundations of Heterodox
Macroeconomics
A. Disaggregated Price-Output Model of the
Economy
1. Lee, Post Keynesian Price Theory,
ch. 12.
2. Lee, F. S. 1996.
"Pricing, the Pricing Model and Post-Keynesian Price
Theory." Review of Political
Economy 8 (January): 87 - 99.
3. Bortis, Institutions, Behaviour and
Economic Theory, ch. 4.
4. Eichner, A. 1976. The
Megacorp and Oligopoly.
Cambridge: Cambridge University
Press, ch. 6.
B. Mark Ups, Investment, and Economic
Activity
1. Foster, J. B. and Szlajfer, H. (ed.) 1984. The
Faltering Economy.
2. Shapiro, N. 1988.
"Market Structure and Economic Growth: Steindl's Contribution." Social
Concept 4.2 (June): 72 - 83.
3. D. P. Levine, "The Theory of the
Growth of the Capitalist Economy," Economic Development and Culture
Change (1975): 47 - 74.
C. Social Welfare and Corporate Capitalism
1. Eichner, A. 1976. The
Megacorp and Oligopoly.
2. Lutz.
Economics for the Common Good, chs. 1, 5-8, and 11.
3. O’Boyle, E. J. 1996. Social
Economics: Premises, Findings and
Policies.
Heterodox
economic journals students should be aware of:
Capital and Class
Economy and Society
International Papers in Political Economy
International Review of Applied Economics
Journal of Economic Issues
Journal of Post Keynesian Economics
Review of Political Economy
Review of Radical Political Economics
Review of Social Economics
Science and Society
Heterodox Economics on the Web
Association for Evolutionary Economics www.orgs.bucknell.edu/afee
Association for Heterodox Economics www.hetecon.com
Association for Institutional Thought www.afit.cba.nau.edu/
Association for Social Economics www.socialeconomics.org
Cambridge Realist Workshop www.econ.cam.ac.uk/seminars/realist/
Conference of Socialist Economists www.cse.web.org.uk/
European Association for Evolutionary Political
Economy www.eaepe.org
International Association for Feminist Economics www.facstaff.bucknell.edu/jshackel/iaffe
International Confederation of Associations for
Pluralism in Economics
www.econ.tcu.edu/econ/icare/main.html
International Society for Ecological Economics www.ecologicaleconomics.org/
Political and Ethical Knowledge on Economic
Activities www.pekea.org
Post-Autistic Economics Network www.paecon.net/
Post Keynesian Thought Internet Archive http://csf.colorado.edu/pkt/
Science and Society www.scienceand society.com
Society for the Advancement of Socio-Economics www.sase.org/home.html
The articles marked by an * can be found on
JSTOR that can be found at:
http://www.jstor.org/cgi-bin/jstor/listjournal
JSTOR includes the following economic journals:
Econometrica Review
of Economic Studies
Journal of Economic History
Journal of Economic Literature
Journal of Industrial Economics
Journal of Political Economy