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 235
... effective demand . Having now shown that the standard analysis of the demand for labour is deprived of any support within the context appropriate to an ... Demand for labour curve , employment curve , Effective Demand and Employment 235.
... effective demand . Having now shown that the standard analysis of the demand for labour is deprived of any support within the context appropriate to an ... Demand for labour curve , employment curve , Effective Demand and Employment 235.
Page 305
... effective demand curve with respect to the rate of utilization u is smaller than the slope of the profits cost curve , given by equation ( 6.14 ) . The stability condition is then : gu / ( Sp ̄gr ) < m / v which can be rewritten as : Sp > ...
... effective demand curve with respect to the rate of utilization u is smaller than the slope of the profits cost curve , given by equation ( 6.14 ) . The stability condition is then : gu / ( Sp ̄gr ) < m / v which can be rewritten as : Sp > ...
Page 313
... effective demand equation as one of the constant terms . This implies an upward parallel shift of the effective demand curve . The result , as one would expect in a Kaleckian type of model and as appears at the top of Figure 6.8 , is an ...
... effective demand equation as one of the constant terms . This implies an upward parallel shift of the effective demand curve . The result , as one would expect in a Kaleckian type of model and as appears at the top of Figure 6.8 , is an ...
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