What sets the firm apart from other producers is the commercial nature of its operations. The firm produces for the market and only for the market. It produces goods and buys them not in order to consume them but in order to sell them or their products. While economic agents other than the firm...

We discuss the effects of the stock market in the second part of the paper, which centers on the relation between stock prices and R&D investment. We examine Tobin’s (and Minsky’s) “q” theory and the implications it has for this investment, along with the relationship between innovation...

This is the first of two volumes celebrating Keynes's 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 book's authoritative chapters are presented by...

This paper examines the macroeconomic effects of competition. The Kaleckian view of these effects is considered along with the neoclassical, with special attention paid to the degree of monopoly and its effect on investment. Both the product and price competition of firms are examined, and the...