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Denial, Rationalization, and the Administered Price Thesis

Gu, Gyun Cheol (2012): Denial, Rationalization, and the Administered Price Thesis.

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Abstract

This paper analyzes neoclassical reactions to Gardiner Means's administered price thesis during 1980-2000. It shows that his original idea has been continuously denied by mainstream economists. At the same time, it has been transformed through a multiplicity of rationalization processes into one or another bastardized form. However, their attempts to deny and/or rationalize the thesis are unsuccessful as their sanitized versions of Means’s theory turn out to be self-contradictory in the neoclassical framework.

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