## 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 69

has absolute priority over characteristic (or need) 23, but where C is preferred to

B ...

**Figure**2.1 Lexicographic ordering: the disjunctive rule ... This is illustrated in**Figure**2.1, where point B is preferred to point A, since characteristic (or need) zhas absolute priority over characteristic (or need) 23, but where C is preferred to

B ...

Page 288

The rate of growth g” which corresponds in

profit is called by Robinson the desired rate of growth. This rate of growth is such

that the expectations of the entrepreneurs are fulfilled. The equations (6.3) and ...

The rate of growth g” which corresponds in

**Figure**6.1 to this value of the rate ofprofit is called by Robinson the desired rate of growth. This rate of growth is such

that the expectations of the entrepreneurs are fulfilled. The equations (6.3) and ...

Page 352

This is shown in

curve, while the higher overhead costs correspond to the PC, curve. The impact

of the rise of overhead costs on the rates of profit and of capacity utilization

depends ...

This is shown in

**Figure**6.17. To the initial overhead costs correspond the PCcurve, while the higher overhead costs correspond to the PC, curve. The impact

of the rise of overhead costs on the rates of profit and of capacity utilization

depends ...

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### Contents

Theory of Choice | 42 |

Theory of the Firm | 94 |

Credit and Money | 149 |

Copyright | |

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### Common terms and phrases

actual rate aggregate demand analysis assumed base money behaviour borrow capacity utilization capital central bank changes Chapter commercial banks consumers consumption cost-plus pricing deposits economists effective demand effective demand curve Eichner endogenous equal equation equilibrium exogenous Figure firms full capacity given higher rate households impact income income effects increase induce interest rates investment function Kaldor Kalecki Kaleckian model Keynes Keynesian liquidity preference loans long run macroeconomic margin of profit marginal costs model of growth needs neo-Ricardians neoclassical economics neoclassical theory normal rate overhead labour paradox of thrift parameters positive post-classical post-Keynesian economics 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-return pricing technical progress tion uncertainty utilization of capacity workers