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 170
... loans . The act of creation is also an act of expenditure and ( therefore ) of income creation ' ( Godley and Cripps , 1983 , pp . 82-3 ) . Secondly , there is endogeneity at the junction between the household and the bank . When ...
... loans . The act of creation is also an act of expenditure and ( therefore ) of income creation ' ( Godley and Cripps , 1983 , pp . 82-3 ) . Secondly , there is endogeneity at the junction between the household and the bank . When ...
Page 176
... loans to which they automati- cally have access . If firms want to borrow more , they can do so . The level of loans is demand - determined . The cost of the loan is the ruling prime rate , marked up according to the risk grade of the ...
... loans to which they automati- cally have access . If firms want to borrow more , they can do so . The level of loans is demand - determined . The cost of the loan is the ruling prime rate , marked up according to the risk grade of the ...
Page 200
... loans at the current rate of interest . ' But why shouldn't they ? ' , asks Kaldor ( 1981 , p . 21 ) . According to Wray , when banks make loans they check their own level of liquidity , that is the ratio of loans to equity and the ratio of ...
... loans at the current rate of interest . ' But why shouldn't they ? ' , asks Kaldor ( 1981 , p . 21 ) . According to Wray , when banks make loans they check their own level of liquidity , that is the ratio of loans to equity and the ratio of ...
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