## 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. |

### From inside the book

Results 1-3 of 73

Page 286

Thus, given conditions to save from each type of income (the thriftiness

conditions) the rate of profit is determined by the

Robinson, 1962, p. 12). Conversely, some neo-Radicals and the neo-Ricardians

believe ...

Thus, given conditions to save from each type of income (the thriftiness

conditions) the rate of profit is determined by the

**rate of accumulation**of capital' (Robinson, 1962, p. 12). Conversely, some neo-Radicals and the neo-Ricardians

believe ...

Page 294

In any given situation, the lower the level of expenditure on consumption by

rentiers the further out the inflation barrier lies, and the higher the

at a high ...

In any given situation, the lower the level of expenditure on consumption by

rentiers the further out the inflation barrier lies, and the higher the

**rate of****accumulation**that is possible. When entrepreneurs, taken as a whole, are aimingat a high ...

Page 299

is not a constant, but rather a variable which depends on the value of the rate of

utilization of capacity. Recall that we may write ... At a low

say go, the profit rate induced by the Cambridge equation is ri. At that rate of profit

, ...

is not a constant, but rather a variable which depends on the value of the rate of

utilization of capacity. Recall that we may write ... At a low

**rate of accumulation**,say go, the profit rate induced by the Cambridge equation is ri. At that rate of profit

, ...

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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