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 251
... positive feedback between the real wage rate and the productivity of blue - collar workers . Making use of a linear formulation , the product to variable labour ratio , which we previously assumed to be a constant , may now be written ...
... positive feedback between the real wage rate and the productivity of blue - collar workers . Making use of a linear formulation , the product to variable labour ratio , which we previously assumed to be a constant , may now be written ...
Page 272
... positive , what matters for the derivative to be positive is the sign of the expression inside the square brackets . The positive relationship between ƒ and the rate of utilization that was found in the case of mark - up pricing is thus ...
... positive , what matters for the derivative to be positive is the sign of the expression inside the square brackets . The positive relationship between ƒ and the rate of utilization that was found in the case of mark - up pricing is thus ...
Page 305
... positive for the model to exhibit stability . Let us further assume , to ensure stability , as will soon be clear , that the slope of this effective demand curve with respect to the rate of utilization u is smaller than the slope of the ...
... positive for the model to exhibit stability . Let us further assume , to ensure stability , as will soon be clear , that the slope of this effective demand curve with respect to the rate of utilization u is smaller than the slope of the ...
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