## 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 77

Page 233

Figure 5.5

analogue to the old Keynesian fixed price representations of aggregate demand

and supply ...

Figure 5.5

**Effective demand**and employment in partial equilibrium relating**effective demand**to employment, as is done in Figure 5.5. This graph is ananalogue to the old Keynesian fixed price representations of aggregate demand

and supply ...

Page 362

This part of the neo-Ricardian view is thus concerned exclusively with the

determinants of the profits cost curve, not the

analysis concerns the explanation of the normal rate of profit, in the meaning that

this term ...

This part of the neo-Ricardian view is thus concerned exclusively with the

determinants of the profits cost curve, not the

**effective demand**curve. 'Theanalysis concerns the explanation of the normal rate of profit, in the meaning that

this term ...

Page 367

This implies that the denominator of the

6.101) is always positive. The profits cost curve and the

thus have the usual shape. All the usual results regarding changes in overhead ...

This implies that the denominator of the

**effective demand**constraint in equation (6.101) is always positive. The profits cost curve and the

**effective demand**curvethus have the usual shape. All the usual results regarding changes in overhead ...

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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