## 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 332

The crucial aspect of both sets of authors is the form of their

The Form of the

Kaleckian model is the positive relationship, even in the long run, between the

real ...

The crucial aspect of both sets of authors is the form of their

**investment function**.The Form of the

**Investment Function**One of the most striking results of theKaleckian model is the positive relationship, even in the long run, between the

real ...

Page 335

Setting f and 6 equal to zero in equation (6.58), one gets: g = y + gu-H grim(un/v)

= Y +g,u +g,r, (6.60) It is clear that the

and Marglin as a replacement for the Kaleckian

...

Setting f and 6 equal to zero in equation (6.58), one gets: g = y + gu-H grim(un/v)

= Y +g,u +g,r, (6.60) It is clear that the

**investment function**proposed by Bhaduriand Marglin as a replacement for the Kaleckian

**investment function**is a variant of...

Page 359

One position is to argue that the finance frontier is a strict constraint which

replaces the

accumulation are determined by the interaction between this strict finance frontier

and the ...

One position is to argue that the finance frontier is a strict constraint which

replaces the

**investment function**. The long-run rate of profit and the rate ofaccumulation are determined by the interaction between this strict finance frontier

and the ...

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### Contents

Theory of Choice | 42 |

Theory of the Firm | 94 |

Credit and Money | 149 |

Copyright | |

4 other sections not shown

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### Common terms and phrases

actual rate aggregate demand analysis assumed base money behaviour borrow capacity utilization capital central bank changes Chapter commercial banks consumers consumption cost-plus pricing deposits economists effective demand effective demand curve Eichner endogenous equal equation equilibrium exogenous Figure firms full capacity given higher rate households impact income income effects increase induce interest rates investment function Kaldor Kalecki Kaleckian model Keynes Keynesian liquidity preference loans long run macroeconomic margin of profit marginal costs model of growth needs neo-Ricardians neoclassical economics neoclassical theory normal rate overhead labour paradox of thrift parameters positive post-classical post-Keynesian economics 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-return pricing technical progress tion uncertainty utilization of capacity workers