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 194
... rate of interest as an exogenous variable , post- Keynesians such as Moore and Kaldor are thus in complete agreement with neo - Ricardians . For instance , Pivetti ( 1988 , p . 282 ) is of the opinion that ' interest rate determination ...
... rate of interest as an exogenous variable , post- Keynesians such as Moore and Kaldor are thus in complete agreement with neo - Ricardians . For instance , Pivetti ( 1988 , p . 282 ) is of the opinion that ' interest rate determination ...
Page 195
... interest rates . We may first distinguish , in the traditional manner , short - term interest rates from long - term ... rate changes . An interest rate may be considered permanent when the public and the banks regard the current rate of ...
... interest rates . We may first distinguish , in the traditional manner , short - term interest rates from long - term ... rate changes . An interest rate may be considered permanent when the public and the banks regard the current rate of ...
Page 409
... rate of interest . The modifications in the real wage rate will then be solely caused by the changes in interest rates . Let us suppose that the overall effects on the rate of accumulation of these variations in the real rate of ...
... rate of interest . The modifications in the real wage rate will then be solely caused by the changes in interest rates . Let us suppose that the overall effects on the rate of accumulation of these variations in the real rate of ...
Contents
Credit and Money | 153 |
Effective Demand and Employment | 217 |
Accumulation and Capacity | 282 |
Copyright | |
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Common terms and phrases
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