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 121
Marc Lavoie. Figure 3.4 Upward drift of the constant marginal cost segments of the firm Marginal cost | FC Capacity level PC , PC2 PC , PC . PC , up to full capacity , it follows that average total costs in the short run are necessarily ...
Marc Lavoie. Figure 3.4 Upward drift of the constant marginal cost segments of the firm Marginal cost | FC Capacity level PC , PC2 PC , PC . PC , up to full capacity , it follows that average total costs in the short run are necessarily ...
Page 123
... marginal costs and declining average costs as the pattern that best seems to describe the data ' . Less sanguine authors prefer to conclude , in defence of neoclassical economics , that , while the data on cost curves are not generally ...
... marginal costs and declining average costs as the pattern that best seems to describe the data ' . Less sanguine authors prefer to conclude , in defence of neoclassical economics , that , while the data on cost curves are not generally ...
Page 127
... marginal costs was rather tenuous . As to the case of decreasing marginal costs , a pre - eminent case if judged by the results obtained by Fog ( 1956 ) and mentioned above , Yordon explains how they can in fact be reconciled with ...
... marginal costs was rather tenuous . As to the case of decreasing marginal costs , a pre - eminent case if judged by the results obtained by Fog ( 1956 ) and mentioned above , Yordon explains how they can in fact be reconciled with ...
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