Structure of Post-Keynesian Economics: The Core by G. C. Harcourt
By G. C. Harcourt
This can be a significant contribution to post-Keynesian notion. With stories of the most important pioneers - Keynes himself, Kalecki, Kahn, Goodwin, Kaldor, Joan Robinson, Sraffa and Pasinetti - G. C. Harcourt emphasizes their confident contributions to theories of distribution, pricing, accumulation, endogenous cash and progress. The propositions of past chapters are introduced jointly in an built-in narrative and interpretation of the key episodes in complex capitalist economics within the post-war interval, resulting in a dialogue of the relevance of post-Keynesian principles to either our knowing of economics and to policy-making. The appendices contain biographical sketches of the pioneers and research of the conceptual middle in their discontent with orthodox theories. Drawing at the author's event of educating and getting to know over fifty years, this publication will attract undergraduate and graduate scholars attracted to replacement ways to theoretical, utilized and coverage matters in economics, in addition to to lecturers and researchers in economics.
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Extra info for Structure of Post-Keynesian Economics: The Core Contributions of the Pioneers
Price, quantity from new capacity. 13. Determination of extra capacity needed. p2p2 and p1p1 intersect to give a price of p1 and an output of EQN1. Only at this point are the two sets of expectations consistent – that is to say, what is to be produced with the new capacity (together with the old) can be sold at that price and the price provides the finance to ‘pay’ for it. 14. Determination of investment expenditure. funds relative to the finance required for the investment to provide the extra capacity to produce the extra output which can be sold at that price.
Wood’s opportunity frontier. 2. Wood’s finance frontier. 3). The area within OF satisfies the first constraint and the area above FF satisfies the second constraint. Where they intercept gives the highest growth possible in the existing situation, g1, and so p1 is the chosen profit margin. So far, we have arbitrarily supposed there to be only one best-practice technique (k) available to the firm at any moment of time. Suppose, though, that there is a complete set of ks available. 3. The optimum p, g combination.
Kalecki also follows Keynes’, in many ways unfortunate, procedure in the light of subsequent interpretations of The General Theory, of assuming a constant money-wage. 15 Now the analysis proper begins. The level of production, Kalecki argues, depends upon employment and its allocation to particular 14 15 This was always a characteristic of Kalecki’s procedures – make simplifying assumptions that allow us to bring out starkly and clearly the processes at work without leaving out essential determinants of the economy’s behaviour which are relevant for the particular issue being analysed – surely the mark of an inspired theorist and an example of how important is the role of judgement in the making of a really great economist.