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 288
... profit at time t to the actual rate of profit at time 1-1 . Several formulations are possible . We may write this as some adaptative process : r1 = $ r , - , + ( 1 ) r , - , with p < 1 1-1 ( 6.5 ) When the actual rate of profit at ...
... profit at time t to the actual rate of profit at time 1-1 . Several formulations are possible . We may write this as some adaptative process : r1 = $ r , - , + ( 1 ) r , - , with p < 1 1-1 ( 6.5 ) When the actual rate of profit at ...
Page 335
... profit is g . In the model of Bhaduri and Marglin , there is no overhead labour and no depreciation of capital ... profit to be taken into consideration should be calculated at a normal rate of utilization of capacity . If one argues ...
... profit is g . In the model of Bhaduri and Marglin , there is no overhead labour and no depreciation of capital ... profit to be taken into consideration should be calculated at a normal rate of utilization of capacity . If one argues ...
Page 355
... profit r , ( i.e. the rate of profit technically obtainable at the normal utilization degree with [ the real wage rate ] taken at its current level ) may diverge from its realized rate , even for long periods of time . Now , we do not ...
... profit r , ( i.e. the rate of profit technically obtainable at the normal utilization degree with [ the real wage rate ] taken at its current level ) may diverge from its realized rate , even for long periods of time . Now , we do not ...
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