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 354
... actual rate of utilization u2 will be even larger than in the previous period , while the discrepancy between the actual rate of profit and its standard rate has grown larger still , to r2 - r ,. Letting the standard rate of utilization ...
... actual rate of utilization u2 will be even larger than in the previous period , while the discrepancy between the actual rate of profit and its standard rate has grown larger still , to r2 - r ,. Letting the standard rate of utilization ...
Page 355
... and preferably non - existent . This is all too evident in equation ( 6.85 ) , where it is obvious that the standard and actual rates of utilization Figure 6.19 The actual rate of capacity utilization ends up Accumulation and Capacity 355.
... and preferably non - existent . This is all too evident in equation ( 6.85 ) , where it is obvious that the standard and actual rates of utilization Figure 6.19 The actual rate of capacity utilization ends up Accumulation and Capacity 355.
Page 419
... rate of return which is actually incorporated into the pricing formula . W. The adjustment process , when the actual rate of profit is initially larger than the standard rate of return , is illustrated in Figure 7.11 . Let us start from ...
... rate of return which is actually incorporated into the pricing formula . W. The adjustment process , when the actual rate of profit is initially larger than the standard rate of return , is illustrated in Figure 7.11 . Let us start from ...
Contents
Theory of Choice | 57 |
Theory of the Firm | 94 |
Credit and Money | 153 |
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