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Foundations of Post-Keynesian Economic Analysis : New Directions in Modern Economics - Marc Lavoie

Foundations of Post-Keynesian Economic Analysis

New Directions in Modern Economics

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Argues that it is possible to construct a coherent alternative to neo-classical economics based on the contributions of post-Keynesian and neo-Ricardian economists. It identifies elements from various non-orthodox traditions that can be used to construct an alternative theoretical framework.

The Need for an Alternativep. 1
Objectives of the bookp. 1
Research programmes and all thatp. 4
Presuppositions of the neoclassical and post-classical paradigmsp. 6
The dominance of neoclassical economicsp. 14
Empirical studies and neoclassical economicsp. 20
The limits of neoclassical theoryp. 26
Theory of Choicep. 42
The distinction between risk and uncertaintyp. 42
Procedural rationality: rules and normsp. 50
A theory of household choicep. 61
An overview of the alternativep. 92
Theory of the Firmp. 94
Features and domain of validity of the post-Keynesian firmp. 94
The objectives of the firmp. 99
The constraints on growthp. 105
Cost curves and excess capacityp. 118
Pricing theoryp. 129
Cost-plus prices and production pricesp. 144
Credit and Moneyp. 149
The monetary circuitp. 151
The endogenous money supplyp. 169
Interest rates and liquidity preferencep. 192
The structural view of endogenous moneyp. 203
Consequencesp. 215
Effective Demand and Employmentp. 217
Characteristics of the post-Keynesian labour marketp. 217
The utilization functionp. 225
The simple macroeconomics of employmentp. 230
Pricing rates of utilization and profitsp. 255
Two-sector modelsp. 275
Accumulation and Capacityp. 282
Historical versus logical timep. 282
The neo-Keynesian growth model: the inflationist versionp. 284
The Kaleckian growth model: the stagnationist versionp. 297
Doctrinal issues around the Kaleckian modelp. 327
Finance and accumulationp. 347
Inflationp. 372
A typology of inflationp. 372
Inductive reasons for inflationp. 379
Permissive reasons for inflationp. 385
A simple conflicting-claims model of inflationp. 391
Variants of the conflicting-claims model of inflationp. 405
Concluding Remarksp. 422
Referencesp. 424
Name Indexp. 449
Subject Indexp. 455
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9781852783228
ISBN-10: 1852783222
Series: New Directions in Modern Economics
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 480
Published: January 1992
Country of Publication: GB
Dimensions (cm): 24.77 x 17.15  x 3.18
Weight (kg): 0.84

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