Post-Keynesian Economics

Post-Keynesian Economics

New Foundations

Marc Lavoie

The book is a considerably extended and fully revamped edition of the highly successful and frequently cited Foundations of Post-Keynesian Economic Analysis, published in 1992. 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.

Chapter 5: Effective demand and employment

Marc Lavoie

Subjects: economics and finance, post-keynesian economics

Extract

The focus of this chapter is the labour market and the employment of labour. The analysis will be pursued within the short-run framework, assuming given monetary conditions and a fixed level of investment. Long-run conditions will be studied in Chapter 6. Here we start by discussing the main characteristics of the so-called labour market. We then present two simplified versions of the post-Keynesian labour market model – the Marshallian and the Kaleckian versions. This Kaleckian version will then be subjected to a deeper analysis.

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