Description
Book SynopsisThis 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.
Trade Review'. . . [provides] excellent expositions for students [and] should allow discussion to concentrate on the theoretical consistency of the various components of the post Keynesian alternative.' -- J.A. Kregel, The Economic Journal
'I would have no hesitation in strongly recommending this book to advanced undergraduate and graduate students and scholars who would like an overview of post Keynesian economic theory. . . Its authoritative and comprehensive account of post Keynesian economics and its admirable synthesis of a large body of diverse work into a coherent and compelling whole.'Table of ContentsContents: 1. The Need for an Alternative 2. Theory of Choice 3. Theory of the Firm 4. Credit and Money 5. Effective Demand and Employment 6. Accumulation and Capacity 7. Inflation 8. Concluding Remarks
