Foundations of Post-Keynesian Economic Analysis. . . [provides] excellent expositions for students [and] should allow discussion to concentrate on the theoretical consistency of the various components of the post Keynesian alternative. J.A. Kregel, The Economic Journal I would have no hesitation in strongly recommending this book to advanced undergraduate and graduate students and scholars who would like an overview of post Keynesian economic theory. . . Its authoritative and comprehensive account of post Keynesian economics and its admirable synthesis of a large body of diverse work into a coherent and compelling whole. Amitava Krishna Dutt, Review of Social Economy Lavoie succeeds in providing a comprehensive overview of post Keynesian economics, which shows that there is no need to restrict economics exclusively to the neoclassical paradigm. Werner Meissner, Kyklos . . . this book provides a worthwhile introduction to a literature that constructively challenges the orthodoxy. Brenda l. Spotton, Canadian Journal of Economics Lavoie s methodological analysis is praiseworthy. . . Lavoie made an important contribution to the construction of a consistent alternative to neoclassical economics. . . Gilberto Tadeu Lima, RRPE This 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. |
From inside the book
Results 1-3 of 82
Page 171
As many have argued, the orthodox assumption that, with proper management,
the central bank would be able to set as it wishes the level of the money stock is a
legacy of gold (Bootle, 1984). Money is seen as a commodity, the supply of ...
As many have argued, the orthodox assumption that, with proper management,
the central bank would be able to set as it wishes the level of the money stock is a
legacy of gold (Bootle, 1984). Money is seen as a commodity, the supply of ...
Page 285
... the newer post-Keynesian model the rate of utilization of capacity is
endogenous and is not assumed to be equal to a normal value, even in the long
period. There are important consequences to the adoption of these differing
assumptions, ...
... the newer post-Keynesian model the rate of utilization of capacity is
endogenous and is not assumed to be equal to a normal value, even in the long
period. There are important consequences to the adoption of these differing
assumptions, ...
Page 297
Second, prices relative to direct costs are assumed to be given, dependent on
conventional forces instead of market forces. Prices are of the cost-plus type.
Third, in contrast to the early Kaldorian hypotheses, the rate of utilization of
capacity is ...
Second, prices relative to direct costs are assumed to be given, dependent on
conventional forces instead of market forces. Prices are of the cost-plus type.
Third, in contrast to the early Kaldorian hypotheses, the rate of utilization of
capacity is ...
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Contents
Theory of Choice | 42 |
Theory of the Firm | 94 |
Credit and Money | 149 |
Copyright | |
6 other sections not shown
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Common terms and phrases
actual rate aggregate demand analysis assumed base money behaviour borrow capacity utilization capital central bank changes Chapter commercial banks consumers consumption cost-plus pricing deposits economists effective demand effective demand curve Eichner endogenous equal equation equilibrium exogenous Figure firms full capacity given households impact income income effects increase induce interest rates investment function Kaldor Kalecki Kaleckian model Keynes Keynesian liquidity preference loans long run macroeconomic margin of profit marginal costs model of growth monetary authorities needs neo-Ricardians neoclassical economics neoclassical theory normal rate overhead labour paradox of thrift parameters positive post-classical post-Keynesian economics post-Keynesian models 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-return pricing technical progress tion uncertainty utilization of capacity workers