Podcast
Behind the Bastards
This book contains an appendix with 71 pricing studies from various economists, which was said to form an interesting body of evidence for the cost plus administered prices model. The book was also mentioned as being a major source for Steve Mann's supply chain theory of inflation.
Now Fred Lee, the economist who kind of like started us along this track in his famous book Post-Keynesian Price Theory found 71 pricing studies and they form an appendix called Appendix B in his book...
— Episode: It Could Happen Here Weekly 100
Episode: It Could Happen Here Weekly 100
This book contains an appendix with 71 pricing studies from various economists, which was said to form an interesting body of evidence for the cost plus administered prices model. The book was also mentioned as being a major source for Steve Mann's supply chain theory of inflation.
Now Fred Lee, the economist who kind of like started us along this track in his famous book Post-Keynesian Price Theory found 71 pricing studies and they form an appendix called Appendix B in his book which ought to be legendary but it's not because all this stuff is very obscure.
The 71 studies from very different - like book-length studies from very different people with very different political and economic commitments. Some of them are business school literature. Some of them are empirical studies commissioned by states or by corporations on how corporate management works.
Some of them are by Marxist economists. Some of them are by neoclassical economists. And they all converge no matter what the biases of the people involved upon this same kind of similar cost plus administered prices model.
And so like the interest rate is a price. It's a very important price too because - We should back up for a second and explain when you say the interest rate, you should explain what that is because I think it's underexplained.
But the main upshot of Steve's - of Fred Lee's administered prices theory and then by extension Steve's theory about inflation is that inflation is not about money.