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administered pricing (D4, M2)<br />The practice of setting prices according to a formula, irrespective of the short-run forces of demand and supply. This is possible because of the market power of monopolistic and oligopolistic firms. As it is expensive to change prices (e.g. new catalogues have to be printed) and as there is always the possibility of adverse consumer reaction, there is a tendency for prices to be more rigid when administered. As part of an anti-inflation programme, especially in wartime, governments will administer major prices, the prices of goods and services prominent in most consumers' budgets; in these circumstances the rules for increasing prices are strictly laid down. Most administered prices are calculated by adding a profit margin to AVERAGE COST.<br /><em>See also:</em> mark-up pricing <br /><em>Reference</em><br />Means, G.C. (1935) 'Industrial prices and their relative inflexibility', Senate Document No. 13, Washington, DC: US Government Printing Office.
classical classical fallacy (J3)<br />The view that CIRCULATING CAPITAL by creating a wage fund improves wages and increases the demand for labour but FIXED CAPITAL does not. SAM U ELSON asserted that this view makes the mistake of identifying the wage fund with the whole of circulating capital and ignores the contribution of fixed capital to the growth of REAL WAGES.<br /><em>Reference</em><br />Samuelson, PA. (1994) 'The Classical Classical Fallacy', Journal of Economic Literature, 32: 620-39.
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