By Marc Lavoie (auth.)
This ebook bargains an obtainable advent to post-Keynesian economics, displaying that there's an alternative choice to neoclassical economics and its free-market financial guidelines. Post-Keynesian economics is based on sensible assumptions, similar to curiosity focusing on by way of primary banks or consistent usual variable charges in production and services
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Extra info for Introduction to Post-Keynesian Economics
The Srafﬁan critique, as Robinson (1980) observed, is often lost on fundamentalists and Kaleckians since it represents an internal critique of neoclassical theory, and does not incorporate some essential post-Keynesian features, such as historical time. Should we exclude some approaches or emphasize others? Some fundamentalist post-Keynesians believe that it is a strategic mistake to attempt to integrate all three strands of postKeynesianism (Davidson, 2005). Also, recent attempts at summarizing post-Keynesian theory (see for instance Holt and Pressman, 2001) tend to exclude the contributions of Srafﬁans because their methods and the themes they cover are considered distant from those of other post-Keynesians.
They emphasize fundamental uncertainty, money, liquidity preference, ﬁnancial instability and methodological questions. These authors, who are sometimes referred to as American post-Keynesians, argue that post-Keynesian theory is more general than neoclassical theory. In order to prove this point, they are ready to entertain certain dubious neoclassical assertions, such as the ‘law’ of decreasing returns. Srafﬁans, of course, are inspired by the work of Pierro Sraffa, as well as Marx, although indirectly.
According to this principle, utility cannot be represented by a unique value; if utility exists, it should be considered rather as a vector where each component is linked to a need. This is what Georgescu-Roegen (1966) calls the principle of irreducibility, which we can also call the principle of incommensurability. There is no possible arbitrage between goods that belong to different subgroups. There is no longer any possible substitution between these expenditure categories. Archimedes’ axioms and the notion of gross substitution, so essential to neoclassical theory, no longer hold.