Nina Shapiro

Implications of the recent financial crisis for firm innovation

This paper shifts the focus of discussion on the 2008 financial crisis from the problems of the financial sector to its effects on the real economy. We step back from the immediate facts of the crisis to consider the reason for finance and its importance in firm innovation, both theoretically and historically, and argue that (1) innovation has special financing requirements, being dependent on equity finance, and (2) while stock markets have promoted innovation in the past, the financialization of enterprises has changed the relation between stock prices and innovation, with adverse consequences for the growth of economies.

Post Keynesian Price Theory

This paper examines and develops the firm-centered price theory of Post Keynesian economics. It takes issue with the traditional interpretation of that theory, arguing that although its prices are cost-based, they are not cost-determined. The distinctiveness and significance of the theory are located elsewhere, in the strategic determination of prices and the conception of the firm that underlies it. The costs of firms are examined along with their prices, with special attention paid to the overhead allocations of the firm and the validity of the full cost conception of its prices.

Market structure, uncertainty and unemployment

This is the first of two volumes celebrating Keyness contribution to economics, and the development of post Keynesian economics in recent years. It reinstates the importance of Keynesian economics and its revival since the end of the 1980s, and the books authoritative chapters are presented by an outstanding group of international contributors.