By G. C. Harcourt
This can be a significant contribution to post-Keynesian inspiration. With experiences of the foremost 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 development. The propositions of prior chapters are introduced jointly in an built-in narrative and interpretation of the foremost 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 adventure of educating and studying over fifty years, this e-book will entice undergraduate and graduate scholars drawn to substitute methods to theoretical, utilized and coverage matters in economics, in addition to to academics and researchers in economics.
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Extra resources for Structure of Post-Keynesian Economics: The Core Contributions of the Pioneers
Kalecki says that Keynes considers a closed system, an economy without either an overseas sector or a government sector. 14 Kalecki refers to Keynes’ use of the wage unit as his nume´raire. Though he adopts it for expositional purposes in the review, he is not happy about using it because, in his opinion, it eliminates from the analysis one of the most important factors in the working of the economy – the general movement of prices. Probably he had in mind the proportional movement in prices when money-wages change in the short period.
15. There is a family of FF curves, each of which corresponds to a specific level of output to be catered for. We show only one here, as we take output as given. There is no reason why the two curves should coincide because the relationships are independent of each other. 15. With the POPC as the investment-decision rule, with higher and higher prices, the investment intensity increases but at a decreasing rate. 8 (p. 40) is convex to the origin and so given rises in price mean smaller and smaller distances between the intersection of ll and the constraint line, bb.
Macroeconomic theories of distribution 25 0 0 Kalecki writes, therefore, Y ¼ f(I) and dY dI ¼ f (IÞ, where f (I) is the Kahn–Meade–Keynes multiplier. Investment is therefore the factor which decides both short-term equilibrium and the amounts of employment and social income at a given moment. Hence why we have high or low levels of employment and production depends on the analysis of the factors governing the amount of investment. Kalecki stresses that saving does not determine investment but that investment creates saving so that the ‘equilibrium between demand for “capital” and supply of “capital” always exists’, whatever determines the rate of interest (250).