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 152
... households and the banks . The firms produce goods for consumption and investment , according to their production plan and to their expectations . They distribute wages , dividends and interests to households , sometimes indirectly ...
... households and the banks . The firms produce goods for consumption and investment , according to their production plan and to their expectations . They distribute wages , dividends and interests to households , sometimes indirectly ...
Page 154
... households R. + R Table 4.4 Assets Commercial banks Liabilities New loans to firms R + R1 New deposits of firms R + R - Sh New deposits of households Sp just about to use them . Indeed , if firms have to pay interest on their banking ...
... households R. + R Table 4.4 Assets Commercial banks Liabilities New loans to firms R + R1 New deposits of firms R + R - Sh New deposits of households Sp just about to use them . Indeed , if firms have to pay interest on their banking ...
Page 155
... households keep all of their savings in the form of money deposits the balance sheet of commercial banks is as seen in Table 4.5 . The final step in this elementary analysis of the monetary circuit is to consider the fact that households ...
... households keep all of their savings in the form of money deposits the balance sheet of commercial banks is as seen in Table 4.5 . The final step in this elementary analysis of the monetary circuit is to consider the fact that households ...
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