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 25
... parameters . In these cases , the data cannot prove or disprove the underlying theory , unless there is some theoretical restriction on the values that the parameters could possibly take . The data cannot be incon- sistent with the ...
... parameters . In these cases , the data cannot prove or disprove the underlying theory , unless there is some theoretical restriction on the values that the parameters could possibly take . The data cannot be incon- sistent with the ...
Page 393
... parameter indicates to what extent labour unions react to a discrepancy between the actual and the desired real wage ... parameters , the rate of price inflation is given by : ê = ¥ , ( @ − w , ) + ¥ 1⁄2ŵ € ( 7.10 ) As was the case of ...
... parameter indicates to what extent labour unions react to a discrepancy between the actual and the desired real wage ... parameters , the rate of price inflation is given by : ê = ¥ , ( @ − w , ) + ¥ 1⁄2ŵ € ( 7.10 ) As was the case of ...
Page 403
... parameters m , and m , of equation ( 6.91 ) must be reinterpreted as being equal to : m1 = 1 - ( , 0 , + ¥ 1 ... parameters were exogenous , they are now endogenous , determined by other parameters . It should be noted that an increase ...
... parameters m , and m , of equation ( 6.91 ) must be reinterpreted as being equal to : m1 = 1 - ( , 0 , + ¥ 1 ... parameters were exogenous , they are now endogenous , determined by other parameters . It should be noted that an increase ...
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