The Structure of Post-Keynesian Economics: The Core Contributions of the Pioneers by G. C. Harcourt | 9780521067539 | Paperback | Barnes & Noble
The Structure of Post-Keynesian Economics: The Core Contributions of the Pioneers

The Structure of Post-Keynesian Economics: The Core Contributions of the Pioneers

by G. C. Harcourt
     
 

ISBN-10: 0521067537

ISBN-13: 9780521067539

Pub. Date: 06/26/2008

Publisher: Cambridge University Press

This is a major contribution to post-Keynesian thought. With studies of the key pioneers - Keynes himself, Kalecki, Kahn, Goodwin, Kaldor, Joan Robinson, Sraffa and Pasinetti - G. C. Harcourt emphasizes their positive contributions to theories of distribution, pricing, accumulation, endogenous money and growth. The propositions of earlier chapters are brought together

Overview

This is a major contribution to post-Keynesian thought. With studies of the key pioneers - Keynes himself, Kalecki, Kahn, Goodwin, Kaldor, Joan Robinson, Sraffa and Pasinetti - G. C. Harcourt emphasizes their positive contributions to theories of distribution, pricing, accumulation, endogenous money and growth. The propositions of earlier chapters are brought together in an integrated narrative and interpretation of the major episodes in advanced capitalist economics in the post-war period, leading to a discussion of the relevance of post-Keynesian ideas to both our understanding of economics and to policy-making. The appendices include biographical sketches of the pioneers and analysis of the conceptual core of their discontent with orthodox theories. Drawing on the author's experience of teaching and researching over fifty years, this book will appeal to undergraduate and graduate students interested in alternative approaches to theoretical, applied and policy issues in economics, as well as to teachers and researchers in economics.

Product Details

ISBN-13:
9780521067539
Publisher:
Cambridge University Press
Publication date:
06/26/2008
Edition description:
New Edition
Pages:
216
Product dimensions:
5.90(w) x 8.90(h) x 0.60(d)

Table of Contents


List of figures     vii
Preface and acknowledgements     ix
Introduction: why post-Keynesian economics and who were its Cambridge pioneers?     1
Post-Keynesian macroeconomic theories of distribution     6
Kaldor's 'Keynesian' theory     6
Kalecki's 'degree of monopoly' theory     11
Kalecki's review of Keynes' General Theory     21
The eclecticism of Joan Robinson     25
Hahn's finest hour: the macroeconomic theory of employment and distribution of his PhD dissertation     29
Post-Keynesian theories of the determination of the mark-up     32
Wood's 'Golden Age' model     32
The choice of technique in the investment decision: orthodox and post-Keynesian approaches     37
Harcourt and Kenyon's model in historical time     43
Why is internal finance to be preferred?: Kalecki's theory of increasing risk     50
Macroeconomic theories of accumulation     55
Keynes' theory: right ingredients, wrong recipe     55
Lerner's internal critique     57
Kalecki's, Joan Robinson's and Asimakopulos' Keynesian critique     60
Joan Robinson's banana diagram     61
Money and finance: exogenous or endogenous?     66
The complete model: its role in anexplanation of post-war inflationary episodes     72
Theories of growth: from Adam Smith to 'modern' endogenous growth theory     84
Introduction     84
Smith and Ricardo     85
Marx     95
Harrod     102
Solow-Swan     109
Kaldor, Mark 1     114
Joan Robinson (as told to Donald Harris)     119
Goodwin's eclecticism     121
Pasinetti's grand synthesis     123
Kaldor, Mark 2     134
Endogenous growth theory     139
Applications to policy     145
The vital link between 'vision' and policy     145
'Package deals': a solution to the Kaleckian dilemma?     147
Biographical sketches of the pioneers: Keynes, Kalecki, Sraffa, Joan Robinson, Kahn, Kaldor     158
John Maynard Keynes, 1883-1946     158
Michal Kalecki, 1899-1970     160
Piero Sraffa, 1898-1983     164
Joan Robinson, 1903-1983     166
Richard Kahn, 1905-1989     170
Nicholas Kaldor, 1908-1986     172
The conceptual core of the post-Keynesian discontent with orthodox theories of value, distribution and growth     177
Bibliography     185
Index      199

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