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. |
From inside the book
Results 1-3 of 55
Page 121
... Capacity level PC , PC , PC , PC PC up to full capacity , it follows that average total costs in the short run are necessarily decreasing up to full capacity . Only beyond that point may marginal costs and average costs increase in the ...
... Capacity level PC , PC , PC , PC PC up to full capacity , it follows that average total costs in the short run are necessarily decreasing up to full capacity . Only beyond that point may marginal costs and average costs increase in the ...
Page 125
... capacity is necessary to take care of possible shifts in the pattern of demand ' ( Steindl , 1952 , p . 8 ) . As ... full capacity , where they could reap maximum profits . If demand randomly increases beyond full capacity , this ...
... capacity is necessary to take care of possible shifts in the pattern of demand ' ( Steindl , 1952 , p . 8 ) . As ... full capacity , where they could reap maximum profits . If demand randomly increases beyond full capacity , this ...
Page 291
... capacity was assumed to be fixed in the long run , and the newer models of Kaleckian inspiration , where rates of ... full capacity . Both the earlier Kaldor and Robinson go to great lengths to ensure that in the long period firms have ...
... capacity was assumed to be fixed in the long run , and the newer models of Kaleckian inspiration , where rates of ... full capacity . Both the earlier Kaldor and Robinson go to great lengths to ensure that in the long period firms have ...
Contents
Theory of Choice | 57 |
Theory of the Firm | 94 |
Credit and Money | 153 |
Copyright | |
6 other sections not shown
Other editions - View all
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