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 143
... equal to standard output , the share of profits out of the value of sales is precisely equal to that of the net margin of profit , Fp / Op . The value of profits is then equal to the shaded rectangle areas . However , when actual sales ...
... equal to standard output , the share of profits out of the value of sales is precisely equal to that of the net margin of profit , Fp / Op . The value of profits is then equal to the shaded rectangle areas . However , when actual sales ...
Page 234
... equal to zero , we see that profits are optimized if the real wage rate w / p is set equal to the marginal physical product of variable labour , y ,. To do so would , however , bring bankruptcy to the aggregate of firms since the ...
... equal to zero , we see that profits are optimized if the real wage rate w / p is set equal to the marginal physical product of variable labour , y ,. To do so would , however , bring bankruptcy to the aggregate of firms since the ...
Page 392
... equal to the target real wage , given that prices are expected to increase at the rate of p , the rate of increase in the money wage rate , denoted by ŵ , must then be equal to : ŵ = @ + pe ŵ + ( 7.7 ) In general the new actual real ...
... equal to the target real wage , given that prices are expected to increase at the rate of p , the rate of increase in the money wage rate , denoted by ŵ , must then be equal to : ŵ = @ + pe ŵ + ( 7.7 ) In general the new actual real ...
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