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 109
... borrow only to the extent that they have been accumulating their own means to finance investment , and , similarly , that banks and other finan- cial institutions will grant loans or finance share and bond issues only to the extent that ...
... borrow only to the extent that they have been accumulating their own means to finance investment , and , similarly , that banks and other finan- cial institutions will grant loans or finance share and bond issues only to the extent that ...
Page 162
... borrow from commercial banks and in turn com- mercial banks borrow from the central bank . Table 4.7 shows the balance sheets of the commercial banks and of the central bank when the latter has lent reserves to the former . The amount ...
... borrow from commercial banks and in turn com- mercial banks borrow from the central bank . Table 4.7 shows the balance sheets of the commercial banks and of the central bank when the latter has lent reserves to the former . The amount ...
Page 164
... borrow the necessary base money from the central bank . It should thus surprise no one that , in most countries where banks are indebted vis - à - vis the central bank and where a high proportion of money balances are detained under the ...
... borrow the necessary base money from the central bank . It should thus surprise no one that , in most countries where banks are indebted vis - à - vis the central bank and where a high proportion of money balances are detained under the ...
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