xxxv, 979 pages : illustrations ; 25 cm.

still image

text

unmediated

volume

1.Introduction -- I.The Approach of the Book -- 1.Order and disorder -- 2.Neoclassical response to the real duality -- 3.Keynesian and post-Keynesian response to the real duality -- 4.Different purpose of this book -- II.Outline of the Book -- 1.Part I: Foundations of the analysis (chapters 1-6) --...

3.Aggregate relations, micro foundations, and the question of rigor -- III.Shaping Structures, Economic Gradients, and Aggregate Emergent Properties -- 1.Analytical framework for robust microeconomics -- 2.Downward sloping demand curves -- 3.Income elasticities and Engel's Law -- 4.Aggregate Consump...

III.Production Relations Versus Production Functions -- 1.Structural and temporal dimensions of production -- 2.Social and historical determinants of the length and intensity of the working day -- 3.Empirical evidence on the relations between work conditions and labor productivity -- IV.Production a...

4.Inconvertible tokens, forced currency, and fiat money -- 5.Banks, credit, and money -- 6.Essential functions of money -- i.Money as medium of pricing -- ii.Money as medium of circulation -- iii.Money as medium of safety -- III.Classical Theories of Money and the National Price Level -- 1.Classical...

3.General rule for measuring real economic profits -- 4.The puzzle of the effects of relative prices on aggregate profit -- IV.Aggregate Profits and Transfers of Value: a General Solution to the Universal "Transformation Problem" -- 1.Transfers of value via changes in relative prices -- 2.The influe...

i.Oxford Economists Research Group (OERG) and Hall and Hitch -- ii.Andrews and Brunner -- iii.Harrod's revision of imperfect competition -- iv.Price-cutting and entry in the business literature -- 2.Empirical evidence on operating costs of plants: Salter -- 3.Choice of technique under price-taking v...

1.Classical views -- i.Smith -- ii.Ricardo -- 2.Marx -- i.Regulating capital -- ii.Choice of technique -- iii.Bias of technical change -- 3.The theory of perfect competition -- i.Rise of the visions of perfect competition and perfect capitalism -- ii.Walras and general equilibrium -- iii.Walras and...

7.Mandan monopoly capitalism theory -- 8.Rise of theories of imperfect competition -- i.From perfect to imperfect competition -- ii.Sraffa's early critique of the theory of the firm -- iii.Chamberlin and Robinson -- iv.The neoclassical counterattack -- 9.Kalecki and post-Keynesian views -- i.Kalecki...

I.Introduction -- II.Simple Commodity Production -- III.The Fundamental Equation of Price: Adam Smith's Derivation -- 1.Fundamental Equation applies to all prices -- 2.The Fundamental Equation for Relative Price -- 3.Damping effects of vertical integration -- IV.Measuring the Distance Between Relati...

2.Implications of linear output[—]capital ratios -- 3.Fixed capital model -- VIII.Empirical Distance Measures -- IX.Empirical Evidence on Prices of Production at the Observed Rate of Profit in Relation to Direct and Market Prices -- 1.Cross-sectional evidence -- 2.Resolving the puzzle of the...

4.Orthodox and heterodox theories of the interest rate -- 5.Bond prices -- 6.Equity prices -- 7.Financial arbitrage -- II.Competition and Interest Rates -- 1.Competition and the banking sector -- 2.Profit rate of enterprise (r [—] i) -- 3.Relation of the interest rate to the price level and t...

1.Interest rate theories have two dimensions -- 2.Smith, Ricardo, and Mill -- 3.Marx -- 4.Neoclassical and Keynesian theories of the level of interest rates -- i.Arbitrage equalizes rates of return -- ii.Two further issues: Interest rate levels and term structure -- iii.Neoclassical theory of the le...

1.Theory of trade is a critical part of debates on costs and benefits of globalization -- 2.Neoliberalism theory arid practice -- 3.Proponents of neoliberalism -- 4.Critics of neoliberalism -- 5.Debate appears to be about perfect versus imperfect competition -- 6.Real competition does not imply comp...

3.Ricardo on macroeconomic consequences of unbalanced trade -- 4.Fixed versus flexible exchange rates -- 5.Transformation of rule of absolute costs to rule of comparative costs -- 6.Ricardo's shift from trade undertaken by capitals to trade undertaken by nations -- 7.Numerical example of the Ricardi...

ix.Three possible outcomes in classical 2 x 2 case -- x.The intermediate case is the general one -- xi.Tradable and nontradable goods -- xii.Purchasing Power Parity and the Law of One Price -- xiii.Purchasing Power Parity and the compositional component of the real exchange rate -- xiv.Actual costs...

4.Neoclassical macroeconomics and representative agents -- 5.Ten critical issues in macroeconomic analysis -- i.Microeconomic features need not carry over -- ii.Macro has always grounded itself in micro behavior -- iii.Many micro foundations are consistent with some given macro pattern -- iv.Notion...

vi.Output and capacity -- vii.Normal capacity utilization does not imply Say's Law -- II.Pre-Keynesian Macroeconomics -- 1.The displacement of classical economics by neoclassical economics -- 2.Walrasian roots of neoclassical economics -- 3.Pre-Keynesian neoclassical orthodoxy -- i.Core orthodox pro...

4.The rise and fall of Keynesian theory and policy -- 5.The rise and fall of the IS[—]LM/Phillips-Curve model -- IV.The Return of Neo-Walrasian Economics -- 1.Monetarism -- i.The old Quantity Theory of Money -- ii.The new Quantity Theory of Money -- iii.Friedman on the Great Depression -- 2.T...

i.Analytical structure of the Real Business Cycle Theory model -- ii.Policy implications of the Real Business Cycle Theory -- iii.Calibration for mimicking some real patterns versus econometric testing -- iv.Further considerations on empirical relevance of the Real Business Cycle Theory -- 5.New Key...

2.The temporal implications of the multiplier sequence -- 3.Credit as the fuel and debt as the consequence of the multiplier -- 4.The significance of a constant savings rate in Keynesian theory -- 5.The relation between actual and normal capacity utilization -- 6.The relation between expected and ac...

ii.Aggregate internal finance of investment by business as a whole -- iii.Stability of aggregate internal finance -- iv.Interest rate is not the key adjustment variable -- v.Net rate of profit rises with the general rate of profit -- vi.Modified interest rate adjustment process -- vii.Household savi...

i.Post-Goodwin post-Keynesian models -- ii.Post-Goodwin classical models -- iii.Object of this chapter -- III.Dynamical Interactions between the Wage Share, Unemployment Rate, and the Harrodian "Natural Rate" of Growth -- 1.Theory of the real wage: From stochastic micro to macro -- 2.Responsiveness...

4.Modem Chartalism -- III.Modern Governmental Finance -- IV.Growth, Profitability, and the Price Level -- 1.Classical competition theory only establishes relative prices -- 2.Pure fiat money in classical, Monetarist, Keynesian, and post-Keynesian approaches -- 3.Determinate versus path-dependent pri...

4.Argentina -- IX.Summary and Comparisons to the Non-Accelerating Inflation Rate of Unemployment -- 16.Growth, Profitability, and Recurrent Crises -- I.Introduction -- 1.Depressions recur -- 2.Depressions are denied -- 3.Outline of the chapter -- II.Profitability in the Postwar Period -- 1.Normal an...

II.Implications and Applications of Classical Competition -- 1.Lawful patterns despite heterogeneous behaviors -- 2.Equalization tendencies as a basis for stable distributions of wage and profit rates -- 3.From wage and profit rate distributions to the overall income distribution -- 4.Rising inequal...

Appendix 6.5. Measurement of the Capital Stock -- Appendix 6.6. Measurement of Capacity Utilization -- Appendix 6.7. Empirical Methods and Sources -- Appendix 7.1. Data Sources and Methods for Chapter 7 -- Appendix 9.1. Matrix Algebra of Classical Price Theory -- Appendix 9.2. Sources and Methods fo...