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 99
... firm , one would draw the following picture : small firms operate in competitive markets and attempt to maximize profits , more specifically short - run profits ; larger firms , because they operate in imperfect markets and because ...
... firm , one would draw the following picture : small firms operate in competitive markets and attempt to maximize profits , more specifically short - run profits ; larger firms , because they operate in imperfect markets and because ...
Page 103
... firms , the reader may then wonder how that objective can be met . The answer is very simple : to become powerful , firms must be big ; to become big , firms must grow . As a first approxima- tion , it may then be said that , if firms ...
... firms , the reader may then wonder how that objective can be met . The answer is very simple : to become powerful , firms must be big ; to become big , firms must grow . As a first approxima- tion , it may then be said that , if firms ...
Page 153
... firms could distribute these revenues either by reducing the liquidities they have accu- mulated in the past , or by asking for new bank loans . Let us assume , for reasons that will soon be obvious , that firms in the aggregate have no ...
... firms could distribute these revenues either by reducing the liquidities they have accu- mulated in the past , or by asking for new bank loans . Let us assume , for reasons that will soon be obvious , that firms in the aggregate have no ...
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