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 162
Marc Lavoie. Table 4.7 Assets Commercial banks Liabilities Consolidated loans to firms Mh Deposits of households Mh Reserves taMh Borrowing from the central bank taM Assets Central bank Liabilities Loans to banks Deposits of banks taMn t¿Mĥ ...
Marc Lavoie. Table 4.7 Assets Commercial banks Liabilities Consolidated loans to firms Mh Deposits of households Mh Reserves taMh Borrowing from the central bank taM Assets Central bank Liabilities Loans to banks Deposits of banks taMn t¿Mĥ ...
Page 164
... banks 111cb ) Mn + tcbMn Deposits of banks t1tch ) M h Notes outstanding IcbM provide this kind of high - powered money on demand ; but the price at which the money issued by the central bank is being lent to the commercial banks is a ...
... banks 111cb ) Mn + tcbMn Deposits of banks t1tch ) M h Notes outstanding IcbM provide this kind of high - powered money on demand ; but the price at which the money issued by the central bank is being lent to the commercial banks is a ...
Page 207
... bank . They will hold them instead under the form of deposits at commercial banks which are under the control of the central bank . These reserves deposited in commercial banks are then equal to : R = tE ( 4.11 ) Let D be the deposits ...
... bank . They will hold them instead under the form of deposits at commercial banks which are under the control of the central bank . These reserves deposited in commercial banks are then equal to : R = tE ( 4.11 ) Let D be the deposits ...
Contents
Theory of Choice | 57 |
Theory of the Firm | 94 |
Credit and Money | 153 |
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