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'Marc Lavoie has made many important and original contributions to our understanding of how modern economies work, using a broad post-Keynesian approach. In an Introduction to Post-Keynesian Economics he has written an overview that will be of great value to students and teachers alike. His exposition is clear and his prognosis and conclusions are sensible, practical and humane. Lavoie is well on top of modern techniques, but these never obscure his conceptual understanding and his feel for the historical settings of theoretical development.' - G. C Harcourt, Jesus College, Cambridge, UK.
'Professor Lavoie has written a very delightful and easy to understand primer on Post Keynesian economics. Placing it within the broader context of heterodox economics, Lavoie shows that Post Keynesian economics makes significant theoretical contributions to microeconomics, macroeconomics, effective demand, employment, and economic growth; and that the contributions are compatible with the contributions of other heterodox approaches. Clearly and elegantly summarizing the contributions of Post Keynesian economics in an open and non-biased manner and relating them to other heterodox approaches, Lavoie has produced a book that can be assigned to students so to introduce them in an unbiased manner to the wonders Post Keynesian-heterodox economics.' - Professor Frederic S. Lee, University of Missouri-Kansas City, USA.
'In the face of the present financial crisis and the deep world wide-recession (Post-)Keynesian economics, which has been downgraded by mainstream economists for several decades, has proven to be highly relevant again. Marc Lavoie's 'Introduction to Post-Keynesian Economics' gives a superb overview over methodology, microeconomics, monetary and macroeconomics, and the approaches to distribution and growth of this school of thought. Although it presents the material in a very condensed way the book remains highly readable. It can be recommended as a 'compass' for studying Post-Keynesian economics, both for students and senior researchers.' - Eckhard Hein, Berlin School of Economics and Law, Germany.
Product Description
The entire world has been facing the so-called subprime crisis – a crisis that first hit banks and other financial institutions through changes in the real estate market, and later spread to the stock market and the real economy. The chapters in this revised volume help to understand the recent events that attributed to the financial crisis. The book also includes a new postface, which provides a thorough examination on how post-Keynesian theory relates to the subprime financial crisis.
This book offers an accessible introduction to post-Keynesian economics, showing that there is an alternative to neoclassical economics and its free-market economic policies. Post-Keynesian economics is founded on realistic assumptions and stylized facts, such as interest targeting by central banks or constant average variable costs in manufacturing and services. The author shows how these more realistic foundations give rise to macroeconomic implications that are entirely different from those of received wisdom with regards to employment, output growth, inflation and monetary theory. For instance, the author demonstrates that higher minimum wages or real wages can increase both labour employment and the corporate profit rates, and that faster output growth need not lead to higher inflation.
This book offers an accessible introduction to post-Keynesian economics, showing that there is an alternative to neoclassical economics and its free-market economic policies. Post-Keynesian economics is founded on realistic assumptions and stylized facts, such as interest targeting by central banks or constant average variable costs in manufacturing and services. The author shows how these more realistic foundations give rise to macroeconomic implications that are entirely different from those of received wisdom with regards to employment, output growth, inflation and monetary theory. For instance, the author demonstrates that higher minimum wages or real wages can increase both labour employment and the corporate profit rates, and that faster output growth need not lead to higher inflation.
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21 of 25 people found the following review helpful
What is Post Keynesian Economics?
29 July 2008
Format:Hardcover
Post Keynesian economics is a broadly defined school of economic thought that takes their inspiration from the work of J. M. Keynes. To arrive at an understanding of the essential features of this school, one must be presented a coherent and detailed explanation of the assumptions and theories that guide their thought. This is not really done in this book.
In fact, the book is not even really Post Keynesian. Post Keynesian economics (note the capital P and the absence of the hyphen) is an American phenomenon that was begun by Paul Davidson. But now, Paul Davidson is regarded as the most important "fundamenalist Keynesian" in a broadly defined field known as Post Keynesian ecnomics. Other traditions and views have found their way into this school, and have supplanted and implicitly rejected a lot of the contributions Paul Davidson made early in his career. This book is written from one of these views, namely, the Kaleckian view. The entire book is an extension and explication of Kaleckian thought. The reader is introduced to Kaleckian mark-up pricing, the French monetary (mesoeconomic) circuit theory, Kaleckian profit determination theory, Kaleckian growth models, and so on.
The author is doing a great disservice to the Post Keynesian school (broadly defined) by presenting this book as an "Introduction" to Post Keynesian Economics. Little to no mention is made of uncertainty, historical time, the essential properties of money, liquidity preference, and Minsky's Financial Instability Hypothesis. The author introduces these topics only briefly in the book, and then passes onto other (Kaleckian) things.
I would not encorage beginning students to read this book if they are seeking to gain an understanding of Post Keynesian economics. This is not Post Keynesian economics. Reading this book, I am convinced that the author does not believe in uncertainty, has a confused understanding of historical time, does not think it worthwhile to articulate Davidson's economic scheme, and thinks that Minsky's contributions are only a prelude to the French monetary circuit theory. READERS BEWARE.
In fact, the book is not even really Post Keynesian. Post Keynesian economics (note the capital P and the absence of the hyphen) is an American phenomenon that was begun by Paul Davidson. But now, Paul Davidson is regarded as the most important "fundamenalist Keynesian" in a broadly defined field known as Post Keynesian ecnomics. Other traditions and views have found their way into this school, and have supplanted and implicitly rejected a lot of the contributions Paul Davidson made early in his career. This book is written from one of these views, namely, the Kaleckian view. The entire book is an extension and explication of Kaleckian thought. The reader is introduced to Kaleckian mark-up pricing, the French monetary (mesoeconomic) circuit theory, Kaleckian profit determination theory, Kaleckian growth models, and so on.
The author is doing a great disservice to the Post Keynesian school (broadly defined) by presenting this book as an "Introduction" to Post Keynesian Economics. Little to no mention is made of uncertainty, historical time, the essential properties of money, liquidity preference, and Minsky's Financial Instability Hypothesis. The author introduces these topics only briefly in the book, and then passes onto other (Kaleckian) things.
I would not encorage beginning students to read this book if they are seeking to gain an understanding of Post Keynesian economics. This is not Post Keynesian economics. Reading this book, I am convinced that the author does not believe in uncertainty, has a confused understanding of historical time, does not think it worthwhile to articulate Davidson's economic scheme, and thinks that Minsky's contributions are only a prelude to the French monetary circuit theory. READERS BEWARE.
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