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 9
... neo - Ricardians . This is not so . For instance , Milgate ( 1982 , p . 11 ) defines the neo - Ricardian . method as the ' abstract characterization of the actual economy ... to capture the systematic , regular and persistent forces at ...
... neo - Ricardians . This is not so . For instance , Milgate ( 1982 , p . 11 ) defines the neo - Ricardian . method as the ' abstract characterization of the actual economy ... to capture the systematic , regular and persistent forces at ...
Page 37
... neo - Ricardians have shown that there can be unstable equilibria , looking at it from the point of view of standard ... neo - Ricardian critique . The more sophisticated answer is again to revert to the neo - Walrasian model , arguing ...
... neo - Ricardians have shown that there can be unstable equilibria , looking at it from the point of view of standard ... neo - Ricardian critique . The more sophisticated answer is again to revert to the neo - Walrasian model , arguing ...
Page 87
... neo - Ricardians have drawn similar conclusions from Sraffa's analysis of basic and non - basic commodities , the ... neo - Ricardian approach by show- ing that in a world of heterogeneous labour , the rate of profit does not depend on ...
... neo - Ricardians have drawn similar conclusions from Sraffa's analysis of basic and non - basic commodities , the ... neo - Ricardian approach by show- ing that in a world of heterogeneous labour , the rate of profit does not depend on ...
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