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 171
... assumed to be determined by the monetary authorities , independently of demand , itself assumed to be negatively related to the rate of interest . This relationship comes from portfolio analysis and sub- stitution effects , since it is ...
... assumed to be determined by the monetary authorities , independently of demand , itself assumed to be negatively related to the rate of interest . This relationship comes from portfolio analysis and sub- stitution effects , since it is ...
Page 225
Marc Lavoie. which are to follow , we will make the simple assumption that the supply of labour is not a function of ... assumed to be fixed . Labour cannot be substituted for capital and vice versa . Still it is possible to modify the ...
Marc Lavoie. which are to follow , we will make the simple assumption that the supply of labour is not a function of ... assumed to be fixed . Labour cannot be substituted for capital and vice versa . Still it is possible to modify the ...
Page 297
... assumed to be generally below unity , and labour is assumed not to be a constraint . This is an obvious Kaleckian feature , as the following quotation demonstrates . A considerable proportion of capital equipment lies idle in the slump ...
... assumed to be generally below unity , and labour is assumed not to be a constraint . This is an obvious Kaleckian feature , as the following quotation demonstrates . A considerable proportion of capital equipment lies idle in the slump ...
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