Alfred Eichner — Rare Footage & Clips
The late Alfred S. Eichner, a renowned American post-Keynesian economist, left an indelible mark on the world of economics through his pioneering work in challenging the neoclassical price mechanism. His groundbreaking research and advocacy have been instrumental in shaping the field of economics, particularly in the areas of macroeconomic theory and policy.
In our archives, we have a collection of insightful clips featuring Eichner's lectures and interviews, which provide valuable insights into his thought process and contributions to economic theory. One such clip, from 1985, showcases Eichner's discussion on the concept of mark-up pricing, where he explains how prices are not determined by supply and demand but rather through a markup mechanism (Clip #EICHNER-001). This idea is central to his critique of neoclassical economics and has been influential in shaping post-Keynesian thought.
Eichner's work on the Megacorp and Oligopoly, as outlined in his 1976 book of the same name, highlights the significance of large corporations in shaping market outcomes. He argued that these firms wield considerable power in setting prices and influencing economic activity, which challenges the neoclassical notion of perfect competition (Clip #EICHNER-002). This research has been particularly relevant in understanding the dynamics of modern capitalism and the role of corporate power in shaping economic policy.
In contrast to John Maynard Keynes, who advocated for government intervention in the free market and public spending to increase employment, Eichner's views on investment were more nuanced. He believed that investment was the key driver of economic expansion, rather than aggregate demand or government spending (Clip #EICHNER-003). This perspective has implications for monetary policy, as it suggests that central banks should focus on stimulating investment rather than simply manipulating interest rates.
One of Eichner's most significant contributions to economic theory is his advocacy for a incomes policy, which would prevent inflationary wage and price settlements. He believed that this approach was more effective in regulating the economy than traditional fiscal and monetary means (Clip #EICHNER-004). This idea has been influential in shaping post-Keynesian thought on macroeconomic policy and has implications for understanding the role of government in stabilizing the economy.
Eichner's work also highlights the importance of institutional factors in shaping economic outcomes. He was critical of neoclassical economics' focus on individual behavior and instead emphasized the role of institutions, such as corporations and governments, in determining market outcomes (Clip #EICHNER-005). This perspective has been influential in shaping post-Keynesian thought on macroeconomic theory and policy.
In addition to his academic contributions, Eichner was also a prolific writer. His book Toward a new economics: essays in post-Keynesian and institutionalist theory (1985) showcases his commitment to developing a more nuanced understanding of economic systems. This work is significant not only for its intellectual rigor but also for its accessibility, making it an excellent resource for students and scholars alike.
Eichner's passing in 1988 marked the loss of a brilliant mind, but his legacy continues to shape economic theory and policy. His work has been influential in shaping post-Keynesian thought on macroeconomic theory and policy, and his critiques of neoclassical economics remain relevant today. Through our archives, we are proud to preserve Eichner's contributions to the field of economics and make them available for future generations of scholars and policymakers.
In conclusion, Alfred S. Eichner was a pioneering economist who made significant contributions to our understanding of economic systems. His work on mark-up pricing, the Megacorp and Oligopoly, investment, and incomes policy has been instrumental in shaping post-Keynesian thought. Through our archives, we are honored to preserve his legacy and make it available for future generations.
This editorial introduction aims to provide an overview of Eichner's contributions to economic theory and policy. By examining his work on mark-up pricing, the Megacorp and Oligopoly, investment, and incomes policy, we can gain a deeper understanding of his thought process and significance in shaping post-Keynesian economics.
Editorial context researched and compiled from verified sources.