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 238
Marc Lavoie. however , a decrease in the real wage rate would only worsen the unem- ployment rate , since it would lead to a decline in effective demand and a lower level of employment . There is unemployment because of a defi- ciency in ...
Marc Lavoie. however , a decrease in the real wage rate would only worsen the unem- ployment rate , since it would lead to a decline in effective demand and a lower level of employment . There is unemployment because of a defi- ciency in ...
Page 392
... real wage rate which the leading key labour bargaining units consider to be fair . Indeed the determination of the inflation rate in several British macroeco- nometric models is or was based on the discrepancy between actual and target ...
... real wage rate which the leading key labour bargaining units consider to be fair . Indeed the determination of the inflation rate in several British macroeco- nometric models is or was based on the discrepancy between actual and target ...
Page 419
Marc Lavoie. while the real wage which arises from the bargaining process is equal to : w * = y , ( u , r , * v ) / ( u , + f ) ( 7.36 ) where r , * is the standard rate of return which is actually incorporated into the pricing formula ...
Marc Lavoie. while the real wage which arises from the bargaining process is equal to : w * = y , ( u , r , * v ) / ( u , + f ) ( 7.36 ) where r , * is the standard rate of return which is actually incorporated into the pricing formula ...
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