An Alternative Macroeconomic Theory The Kaleckian Model And Post Keynesian Economics

lE. King Michael Kalecki (1899-1970) was one of the most important, and also one of the most underrated, economists of the twentieth century. In the 1930s he made a series of fundamental contributions to macroeconomic theory which anticipated, complemented and in some ways surpassed those of Keynes. Almost entirely self-educated in economics, and influenced rul much by Marxism as by mainstream theory, Kalecki very largely escaped the fatal embrace of pre-Keynesian orthodoxy, which blunted the thrust of the General Theory. Many Post Keynesians, in particular, have found in his work the elements of a convincing alternative to what Joan Robinson -Kalecki's greatest advocate in the English-speaking world - was scathingly to describe as 'bastard Keynesianism' . But Kalecki was never interested in theory for its own sake. He approached economics from a practical perspective, wrote extensively on applied and policy questions, and in the [mal decades of his life turned his attention increasingly to problems of economic development and the management of state socialist economies.

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, such as interest targeting by central banks or constant average variable costs in manufacturing and services

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, such as interest targeting by central banks or constant average variable costs in manufacturing and services.

Originally published in 1982, this book has two central purposes. The first is to present a rather more critical view of the Keynesian and monetarist approaches to macro-economics than is usually found in major macro-economics text-books. The second is to present an alternative approach to macro-economics, derived in the main from the work of Michal Kalecki. It will become apparent below that the major difference between the conventional approaches to macro-economics and the Kaleckian one arises from a basic difference over the nature of a modern capitalist economy. The conventional approaches rest on a perfectly competitive view of the world whilst the Kalecki approach draws on an oligopolistic view. The book has been written to be accessible to undergraduate students of economics who have taken a basic second-year degree level course in macro-economics (as represented by text-books such as Branson, 1979; Gordon, 1981). Particularly in Chapters 2-4 a knowledge of conventional macro-economics is required. References are provided in the text and in footnotes for those wishing to pursue particular topics further. The book also contains much of interest for professional economists.

The 2007–2008 financial crisis exposed the shortcomings of mainstream economic theory with economists unprepared to deal with it. In the face of this, a major rethinking of economics seems necessary and in presenting alternative approaches to economic theory, this book contributes to the rebuilding of the discipline. This volume brings together contributions from different perspectives and theoretical approaches that address the challenge of updating the economic theory corpus and seek to recover prestige for this discipline after the failure of neoclassical economics. It addresses a range of topics, including the complexity approach to economics, category theory, the Post-Keynesian approach to micro and macroeconomics, financialisation, multidimensional analysis and ecological economics. The book is aimed at economics scholars, researchers, academics and practitioners, as well as upper undergraduates and graduates in this area of knowledge. It may also be of interest for people interested in methodological issues in economics and the relationship between economic theory and the real world.

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 ofø the d

This major new book provides a coherent critique of the neo-classical synthesis together with a comprehensive and systematic introduction to the post Keynesian alternatives. Professor Arestis demonstrates that post Keynesian economics offers a challenge to conventional neoclassical economics. He argues that although post Keynesianism is not problem-free, it nevertheless offers a more satisfactory explanation of 'real' phenomena. The post Keynesian Approach to Economicsreveals the microfoundations of post Keynesian economics and describes how these theoretical propositions link up with the macrofoundations. In doing so, it demonstrates that money pricing, capital accumulation, growth and distribution are linked very closely together. The economic policy implications are discussed extensively.