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Post-Keynesian Economics: New Foundations

by Marc Lavoie (Author)

4.5 16 ratings

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Post-Keynesian Economics: New Foundations
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Mainstream economic theory has been increasingly questioned following the recent global financial crisis. Marc Lavoie shows how post-Keynesian theory can function as a coherent substitute by focusing on realistic assumptions and integrating the financial and real sides of the economy. This book outlines alternative microeconomic foundations based on a world of fundamental uncertainty, with an emphasis on various paradoxes that arise in a truly macroeconomic analysis.

The book is a considerably extended and fully revamped edition of the highly successful and frequently cited Foundations of Post-Keynesian Economic Analysis. It provides an exhaustive account of post-Keynesian economics and of the developments that have occurred in post-Keynesian theory and in the world economy over the last twenty years. Topics covered include open-economy issues, the methodological foundations of heterodox economics, consumer theory, firms and pricing, money and credit, effective demand and employment, inflation theory, and growth theories.

Students and scholars of economics, particularly post-Keynesian and heterodox economics, will find this comprehensive look at the field a necessary addition to their libraries.

Contents:
Preface
1. Essentials of Heterodox and Post-Keynesian Economics
2. Theory of Choice
3. Theory of the Firm
4. Credit, Money and Central Banks
5. Effective Demand and Employment
6. Accumulation and Capacity
7. Open-Economy Macroeconomics
8. Inflation Theory
9. Concluding Remarks
Index

Review

'This textbook by Lavoie is an updated version of his earlier work and deserves to be read by anyone who wants to understand alternative perspectives to neoclassical thinking. The references are varied and given readers a solid foundation for continuing their education in economics.'
--R.H Scott, Choice

'I am delighted to have been invited to present a discussion of Marc Lavoie's Post-Keynesian Economics: New Foundations. I was contemplating whether to give my short review, 'it's a brilliant book, you must buy it', or my longer and more considered review, 'it's a brilliant book, you must buy it and I wish I had written it'! . . . it is a book every economist should have on his (or her) shelf, placed within easy reach.'
--John McCombie, European Journal of Economics and Economic Policies: Intervention

'This book is extremely informative on current Post-Keynesian views broadly defined. It does not advance the debate on the validity of the most characteristic Post-Keynesian ideas, but it usefully shows where agreement is strong, and where on the contrary (especially on income distribution, and on investment and growth) views are highly divergent and further research and debate are needed.'
--Fabio Petri, Review of Political Economy

About the Author

Marc Lavoie, Professor Emeritus, University of Ottawa, Canada, Professor Emeritus, University of Sorbonne Paris Nord (CEPN), France and FMM Fellow, Institut für Makroökonomie, Düsseldorf, Germany

ISBN-10

9781783475285
ISBN-13

978-1783475285
Publisher

Edward Elgar Publishing
Publication date

March 30, 2015
Language

English
Dimensions

6.5 x 1.75 x 9.5 inches
Print length

680 pages
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Michael Hudson
181
Paperback
16 offers from $24.00

Product details

ASIN ‏ : ‎ 1783475285
Publisher ‏ : ‎ Edward Elgar Publishing (March 30, 2015)
Language ‏ : ‎ English
Paperback ‏ : ‎ 680 pages
ISBN-10 ‏ : ‎ 9781783475285
ISBN-13 ‏ : ‎ 978-1783475285
Item Weight ‏ : ‎ 2.55 pounds
Dimensions ‏ : ‎ 6.5 x 1.75 x 9.5 inches

Best Sellers Rank: #2,960,643 in Books (See Top 100 in Books)
- #465 in Economic Theory (Books)
- #648 in Income Inequality
- #1,643 in Money & Monetary Policy (Books)

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4.5 16 ratings

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Amazon Customer

The great thing is that most traders and economists have been ...

Reviewed in the United States on May 14, 2015

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It want to understand how the economy actually works this book is the closest you will get to a deep understanding. The great thing is that most traders and economists have been trained in neo classical economics thus they have one arm tied behind their back.

8 people found this helpful

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Tom

Worth the $$$$

Reviewed in the United States on November 7, 2016

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Excellent excellent text. Superb presentation, lucid prose and explanations (compelling enough to read, say, on the train), and compendious in scope. Really would recommend highly

One person found this helpful

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Ryan

Other than a few tedious and redundant areas

Reviewed in the United States on February 7, 2016

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Be prepared for a book that is primarily theory and abstractions. Do not be discouraged, though. Lavoie takes his time in developing the Post-Keynesian model and explaining every aspect of the model. At times, you can get lost in his abstractions and formulas, which may require a second reading of a couple pages. Other than a few tedious and redundant areas, the book is a solid base for anyone interested in Post-Keynesian theory. I suggest looking at L. Randall Wray to supplement the financial and banking sectors of this book.

9 people found this helpful

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Cliente Amazon

Five Stars

Reviewed in the United States on October 8, 2017

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Superb post-keynesian book... An alternative to unrealistic (mainstream) economics.

2 people found this helpful

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Vahap Samanlý

A very significant study

Reviewed in the United States on December 15, 2018

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The book is a very realistic presentation of what economics is about..

One person found this helpful

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Amazon Customer

One Star

Reviewed in the United States on October 1, 2017

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Nothing new. Just the same outdated marxist-leninist fail models.

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JSmith

An invaluable resource for contemporary economics scholarship.

Reviewed in Canada on February 10, 2021

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This is a well-written, highly-detailed guide into modern economics understandings, providing a comprehensive comparison of various schools of thought. (It also nicely answers the many questions I had while studying for my Economics undergrad degree ... we've come a long way from Samuelson!)

Nana

happy with the

Reviewed in the United Kingdom on May 21, 2017

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delivery took a while but within the specified range, so no complaints really. happy with the product

Jose Gonzalez Calvet

Un manual de economía heterodoxa alternativa

Reviewed in Spain on July 5, 2015

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Uno de los principales autores de la corriente postkeynesiana expone en un libro de nivel avanzado los principales temas de micro y macroconomía desde el punto de vista crítico y heterodoxo de los postkeyensianos. El libro es una versión nueva, revisada y ampliada de Foundations of PostKeynesian Economic Analysis, de hace un par de décadas.
Algunas de las aportaciones más importantes son el desarrollo de modelos macroeconómicos dinámicos de economía abierta en los que el carácter endógeno del dinero y el papel determinante de las transacciones financieras internas y externas de la economía (tabla de Godley) son fundamentales para entender el carácter inestable del capitalismo, la tendencia creciente de la desigualdad y el aumento de las rentas financieras en detrimento de las salariales a largo plazo.
En el libro se recogen también las críticas, tradicionales o nuevas, a la teoría convencional micro y macroeconómica, a la endeblez o falsedad de sus fundamentos y a su incapacidad de prever o explicar adecuadamente las crisis y las depresiones como la que aún nos afecta.
El libro es todo un revulsivo a la teoría económica convencional y un compendio de los planteamientos alternativos de la corriente postkeynesiana.

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