## 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 354

rate of profit is left unchanged. It can be seen in Figure 6.18 that the new actual

rate of utilization us will be even larger than in the previous period, while the

discrepancy between the actual rate of profit and its

larger ...

rate of profit is left unchanged. It can be seen in Figure 6.18 that the new actual

rate of utilization us will be even larger than in the previous period, while the

discrepancy between the actual rate of profit and its

**standard rate**has grownlarger ...

Page 355

The realized rate of profit emerging from the interplay between distribution and

effective demand may not be inversely related to the real ... The effective demand

curve and the

The realized rate of profit emerging from the interplay between distribution and

effective demand may not be inversely related to the real ... The effective demand

curve and the

**standard rate**of utilization of capacity are assumed to be given.Page 419

while the real wage which arises from the bargaining process is equal to: go” = y,

(u, -r,”v)/(u, +f) (7.36) where r,” is the

incorporated into the pricing formula. The adjustment process, when the actual

rate ...

while the real wage which arises from the bargaining process is equal to: go” = y,

(u, -r,”v)/(u, +f) (7.36) where r,” is the

**standard rate**of return which is actuallyincorporated into the pricing formula. The adjustment process, when the actual

rate ...

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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