The Post-Keynesian Approach to Economics: An Alternative Analysis of Economic Theory and PolicyThis major new book provides a coherent critique of the neo-classical synthesis together with a comprehensive and systematic introduction to the post Keynesian alternatives. Professor Arestis demonstrates that post Keynesian economics offers a challenge to conventional neoclassical economics. He argues that although post Keynesianism is not problem-free, it nevertheless offers a more satisfactory explanation of 'real' phenomena. The post Keynesian Approach to Economicsreveals the microfoundations of post Keynesian economics and describes how these theoretical propositions link up with the macrofoundations. In doing so, it demonstrates that money pricing, capital accumulation, growth and distribution are linked very closely together. The economic policy implications are discussed extensively. |
Contents
The Grand Neoclassical Synthesis | 1 |
PostKeynesian Economics | 4 |
Refinements of the | 25 |
Copyright | |
9 other sections not shown
Other editions - View all
Common terms and phrases
adjust aggregate demand Arestis argued assumed assumption behaviour business cycles capital capitalist changes Chapter classical economics constraints costs cyclical deficit demand for labour determined developments distribution dK/K dQ/Q dY/dG economic agents economic policy effect Eichner Equation equilibrium exchange rate exogenous factors Figure finance firms Fordism full employment funds Furthermore GNS theory growth rate higher impact implies important increase industry interest rates investment Kalecki Keynes Keynes's Keynesian Economics level of income long-run macroeconomic marginal product mark-up market-clearing megacorp ment monetary authorities money supply money wages natural rate neo-classical neo-classical economics oligopolistic output perfect competition Phillips curve Pigou effect post-Keynesian analysis post-Keynesian economics price level production function proposition rate of growth rate of interest rate of profit rational expectations real wage relationship result savings sector shift short-run theoretical theory tion unem unemployed unemployment variables W₁ wage rate wages and prices workers Y₁