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 136
... cost model ( Brunner , 1967 , p . 45 ) . Determinants of the Margin of Profit We have not yet discussed the determinants of the profit margin , with the exception of the target rate of return . The major criticism of cost - plus pricing ...
... cost model ( Brunner , 1967 , p . 45 ) . Determinants of the Margin of Profit We have not yet discussed the determinants of the profit margin , with the exception of the target rate of return . The major criticism of cost - plus pricing ...
Page 137
... cost - plus procedures , they are in fact maximizing profits in the orthodox marginalist manner without knowing it . This neoclassical inter- pretation of cost - plus pricing is illustrated at price level p , and output level q , in ...
... cost - plus procedures , they are in fact maximizing profits in the orthodox marginalist manner without knowing it . This neoclassical inter- pretation of cost - plus pricing is illustrated at price level p , and output level q , in ...
Page 145
... prices equates marginal costs with marginal revenues . In cost - plus prices as well as prices of production , the centre of attention is the cost of production . As Wiles ( 1973 , p . 386 ) says , ' the main function of prices is not ...
... prices equates marginal costs with marginal revenues . In cost - plus prices as well as prices of production , the centre of attention is the cost of production . As Wiles ( 1973 , p . 386 ) says , ' the main function of prices is not ...
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