Foundations of Post-Keynesian Economic AnalysisThis innovative book demonstrates that it is possible to construct a coherent alternative to neoclassical economics based on the contributions of post Keynesian and Kaleckian economists. It identifies elements from the non-orthodox traditions, in particular from the neo-Ricardian school, that can be welded into a convincing alternative theoretical framework. The building blocks of this synthesis are the non-neo-classical microeconomic foundations of the theory of choice and of the firm. By emphasizing the consequences of a world characterized by true uncertainty and oligopolistic dominance, Marc Lavoie extends short-period paradoxes to the analysis of the long period, and bases these macroeconomic results on microeconomic foundations. |
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Page 297
Marc Lavoie. 6.3 THE KALECKIAN GROWTH MODEL : THE STAGNATIONIST VERSION The newer post - Keynesian model of growth and distribution is an exten- sion of the short - run Kaleckian model that we developed in the preceding chapter . There ...
Marc Lavoie. 6.3 THE KALECKIAN GROWTH MODEL : THE STAGNATIONIST VERSION The newer post - Keynesian model of growth and distribution is an exten- sion of the short - run Kaleckian model that we developed in the preceding chapter . There ...
Page 327
... normal rate of capacity utilization . The first objection has to do with the optimality of excess capacity . It has been argued by Kurz ( 1986 , 1990a ) Accumulation and Capacity 327 Doctrinal issues around the Kaleckian model.
... normal rate of capacity utilization . The first objection has to do with the optimality of excess capacity . It has been argued by Kurz ( 1986 , 1990a ) Accumulation and Capacity 327 Doctrinal issues around the Kaleckian model.
Page 347
... Kaleckian model . In that event , the very long- run rates of profit and of capacity utilization are not influenced by the propensity to save of workers . All the standard results of the canonical Kaleckian model are safeguarded , as ...
... Kaleckian model . In that event , the very long- run rates of profit and of capacity utilization are not influenced by the propensity to save of workers . All the standard results of the canonical Kaleckian model are safeguarded , as ...
Contents
Credit and Money | 153 |
Effective Demand and Employment | 217 |
Accumulation and Capacity | 282 |
Copyright | |
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actual rate aggregate demand analysis assumed base money behaviour borrow Cambridge capacity utilization capital central bank changes Chapter commercial banks consumers consumption cost-plus pricing deposits economists effective demand effective demand curve Eichner employment endogenous equal equation equilibrium exogenous Figure firms full capacity given higher rate households impact income increase induce interest rates investment function Kaldor Kalecki Kaleckian model Keynes liquidity preference loans long run macroeconomic margin of profit marginal costs needs neo-Ricardian neoclassical economics neoclassical theory normal rate overhead labour paradox of thrift parameters positive Post Keynesian Economics post-classical post-Keynesian post-Keynesian theory procedural rationality profits cost curve propensity to save rate of accumulation rate of capacity rate of growth rate of interest rate of profit rate of return rate of utilization ratio real wage rate reserves result Robinson sector share of profits standard rate target target-return pricing technical progress tion uncertainty utilization of capacity workers