The Structure of Post-Keynesian Economics

The Core Contributions of the Pioneers

By: Geoffrey Colin Harcourt

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Hardcover | 12 October 2006

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216 Pages

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22.86 x 15.24 x 1.6

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This is a major contribution to post-Keynesian thought. With studies of the key pioneers - Keynes himself, Kalecki, Kahn, Goodwin, Kaldor, Joan Robinson, Sraffa and Pasinetti - G. C. Harcourt emphasizes their positive contributions to theories of distribution, pricing, accumulation, endogenous money and growth. The propositions of earlier chapters are brought together in an integrated narrative and interpretation of the major episodes in advanced capitalist economics in the post-war period, leading to a discussion of the relevance of post-Keynesian ideas to both our understanding of economics and to policy-making. The appendices include biographical sketches of the pioneers and analysis of the conceptual core of their discontent with orthodox theories. Drawing on the author's experience of teaching and researching over fifty years, this book will appeal to undergraduate and graduate students interested in alternative approaches to theoretical, applied and policy issues in economics, as well as to teachers and researchers in economics.

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From the hardback review: 'Geoff Harcourt's The Structure of Post-Keynesian Economics gives us a unique and irreplaceable perspective on the development and state of post-Keynesian thought. ...This is a labor of scholarly love both for the ideas so scrupulously presented and for the fertile minds who contributed to them.' Duncan K. Foley, Leo Model Professor, Department of Economics, New School for Social Research

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Non-Fiction Economics Economic Theory & Philosophy Macroeconomics

List of figures	p. vii
Preface and acknowledgements	p. ix
Introduction: why post-Keynesian economics and who were its Cambridge pioneers?	p. 1
Post-Keynesian macroeconomic theories of distribution	p. 6
Kaldor's 'Keynesian' theory	p. 6
Kalecki's 'degree of monopoly' theory	p. 11
Kalecki's review of Keynes' General Theory	p. 21
The eclecticism of Joan Robinson	p. 25
Hahn's finest hour: the macroeconomic theory of employment and distribution of his PhD dissertation	p. 29
Post-Keynesian theories of the determination of the mark-up	p. 32
Wood's 'Golden Age' model	p. 32
The choice of technique in the investment decision: orthodox and post-Keynesian approaches	p. 37
Harcourt and Kenyon's model in historical time	p. 43
Why is internal finance to be preferred?: Kalecki's theory of increasing risk	p. 50
Macroeconomic theories of accumulation	p. 55
Keynes' theory: right ingredients, wrong recipe	p. 55
Lerner's internal critique	p. 57
Kalecki's, Joan Robinson's and Asimakopulos' Keynesian critique	p. 60
Joan Robinson's banana diagram	p. 61
Money and finance: exogenous or endogenous?	p. 66
The complete model: its role in an explanation of post-war inflationary episodes	p. 72
Theories of growth: from Adam Smith to 'modern' endogenous growth theory	p. 84
Introduction	p. 84
Smith and Ricardo	p. 85
Marx	p. 95
Harrod	p. 102
Solow-Swan	p. 109
Kaldor, Mark 1	p. 114
Joan Robinson (as told to Donald Harris)	p. 119
Goodwin's eclecticism	p. 121
Pasinetti's grand synthesis	p. 123
Kaldor, Mark 2	p. 134
Endogenous growth theory	p. 139
Applications to policy	p. 145
The vital link between 'vision' and policy	p. 145
'Package deals': a solution to the Kaleckian dilemma?	p. 147
Biographical sketches of the pioneers: Keynes, Kalecki, Sraffa, Joan Robinson, Kahn, Kaldor	p. 158
John Maynard Keynes, 1883-1946	p. 158
Michal Kalecki, 1899-1970	p. 160
Piero Sraffa, 1898-1983	p. 164
Joan Robinson, 1903-1983	p. 166
Richard Kahn, 1905-1989	p. 170
Nicholas Kaldor, 1908-1986	p. 172
The conceptual core of the post-Keynesian discontent with orthodox theories of value, distribution and growth	p. 177
Bibliography	p. 185
Index	p. 199
Table of Contents provided by Ingram. All Rights Reserved.

The Structure of Post-Keynesian Economics

The Core Contributions of the Pioneers

At a Glance

Hardcover

Industry Reviews

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