Edited by Frederic S. Lee and Bruce Cronin
Chapter 17: Price stability
AbstractBased on the grounded theory methodology covered in Chapter 2, this chapter proposes a comprehensive and coherent theoretical system to provide an analytical framework for price stability. In order to establish an empirically grounded pricing procedure, it analyzes a body of empirical studies which investigate the advances in accounting and managerial techniques, thereby examining the causal mechanisms for price setting. By doing so, it sheds light on the mechanisms through which price stability is secured. In particular, it refines and extends a heterodox theory of price stability by differentiating between intrinsic and extrinsic stability, identifying their roles and implications for stable prices, and incorporating labor hoarding and labor discipline effects to the theorization of the extrinsic price stability.
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