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 113
... ratio s , is not entirely under the control of the firm since it depends to a large extent on the rate of interest , as can be seen from equations ( 3.1 ) and ( 3.6 ) . The retention ratio cannot therefore be con- sidered an appropriate ...
... ratio s , is not entirely under the control of the firm since it depends to a large extent on the rate of interest , as can be seen from equations ( 3.1 ) and ( 3.6 ) . The retention ratio cannot therefore be con- sidered an appropriate ...
Page 200
... ratio only by borrowing to invest abroad . On the other hand , when expansion ends and when more stringent borrowing ... ratio of loans to equity and the ratio of loans to safe assets such as government bonds and reserves . These ratios ...
... ratio only by borrowing to invest abroad . On the other hand , when expansion ends and when more stringent borrowing ... ratio of loans to equity and the ratio of loans to safe assets such as government bonds and reserves . These ratios ...
Page 255
... ratio f is the ratio of the productivity of variable labour to the productivity of fixed labour . This ratio is also equal to the ratio of the number of overhead workers to the number of blue - collar workers when the firm or the ...
... ratio f is the ratio of the productivity of variable labour to the productivity of fixed labour . This ratio is also equal to the ratio of the number of overhead workers to the number of blue - collar workers when the firm or the ...
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