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Foundations of Post-Keynesian Economic Analysis
New Directions in Modern Economics Series
This 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.
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What Reviewers Are Saying
'... [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.' -- Amitava Krishna Dutt, Review of Social Economy 'Lavoie succeeds in providing a comprehensive overview of post Keynesian economics, which shows that there is no need to restrict economics exclusively to the neoclassical paradigm.' -- Werner Meissner, Kyklos '... this book provides a worthwhile introduction to a literature that constructively challenges the orthodoxy.' -- Brenda l. Spotton, Canadian Journal of Economics 'Lavoie's methodological analysis is praiseworthy... Lavoie made an important contribution to the construction of a consistent alternative to neoclassical economics...' -- Gilberto Tadeu Lima, RRPE