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 294
... given by gs2 while the investment function is given by gil . The equilibrium position , if there was no inflation barrier , would be given by the desired rate of growth g2 . This rate of growth would require a real wage rate equal to ...
... given by gs2 while the investment function is given by gil . The equilibrium position , if there was no inflation barrier , would be given by the desired rate of growth g2 . This rate of growth would require a real wage rate equal to ...
Page 302
... given , that there is a positive relationship between the rate of growth and the share of profits in a long - run model with overhead costs and an endogenous rate of utilization of capacity . This demonstrates the correctness of ...
... given , that there is a positive relationship between the rate of growth and the share of profits in a long - run model with overhead costs and an endogenous rate of utilization of capacity . This demonstrates the correctness of ...
Page 313
... given rate of growth , that the paradox of thrift extends to the long period . Let us now consider an increase in the relative budget deficit , which enters the effective demand equation as one of the constant terms . This implies an ...
... given rate of growth , that the paradox of thrift extends to the long period . Let us now consider an increase in the relative budget deficit , which enters the effective demand equation as one of the constant terms . This implies an ...
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