Post-Keynesian Economics
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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.
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Chapter 6: Accumulation and capacity

Marc Lavoie


As was briefly mentioned in Chapter 1, one of the objectives of post-Keynesian theory is to combine the classical concerns for growth and distribution with the Keynesian principle of effective demand. Indeed, this was Joan Robinson’s explicit objective in her famous Accumulation of Capital, where she pointed out that her intention was to develop ‘a generalisation of the General Theory, that is, an extension of Keynes’s short-period analysis to long-run development’ (1956, p. vi). Similarly, the aim of the present chapter is to extend to the long period the results of Chapter 5, which were obtained within the framework of the short period, with a focus on the level of employment and the level of output.

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