Money, Pricing, Distribution and Economic Integration
This book reviews the paradigm which has come to be known as post-Keynesian economics, concentrating on the main issues that form the heart of this paradigm: money and finance; conflict in wage and price settings; the degree of monopoly and pricing in an
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Also by Philip Arestis
INTRODUCING MACROECONOMIC MODELLING: An Econometric Study of the United Kingdom (with G. Hadjimatheou) POST-KEYNESIAN ECONOMIC THEORY: A Challenge to NeoClassical Economics (editor with T. Skouras) POST-KEYNESIAN MONETARY ECONOMICS: New Approaches to Financial Modelling CONTEMPORARY ISSUES IN MONEY AND BANKING: Essays in Honour of Stephen F. Frowen THEORY AND POLICY IN POLITICAL ECONOMY: Essays in Pricing, Distribution and Growth (with Y. Kitromilides) BIOGRAPHICAL DICTIONARY OF DISSENTING ECONOMISTS (with Malcolm C. Sawyer) RECENT DEVELOPMENTS IN POST-KEYNESIAN ECONOMICS (with V. Chick) THE POST-KEYNESIAN APPROACH TO ECONOMICS: An Alternative Analysis of Economic Theory and Policy ON MONEY, METHOD AND KEYNES: Selected Essays by Victoria Chick (editor with Sheila C. Dow) MONEY AND BANKING: Issues for the 21st Century (editor) THE POST-KEYNESIAN APPROACH TO ECONOMICS: An Alternative Analysis of Economic Theory and Policy HANDBOOK OF RADICAL POLITICAL ECONOMY (with Malcolm C. Sawyer) FINANCE, DEVELOPMENT AND STRUCTURAL CHANGE: PostKeynesian Perspectives (with V. Chick) THE POLITICAL ECONOMY OF FULL EMPLOYMENT: Conservatism, Corporatism and Institutional Change (with M. Marshall)
Money, Pricing, Distribution and Economic Integration Philip Arestis
Professor of Economics and Head of Department of Economics University of East London
©Philip Arestis 1997 Softcover reprint of the hardcover 1st edition 1997 978-0-333-63794-4
All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Totten ham Court Road, London WlP OLP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world ISBN 978-1-349-39484-5 DOI 10.1057/9780230374485
ISBN 978-0-230-37448-5 (eBook)
A catalogue record for this book is available from the British Library. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Transferred to digital printing 1999
To Maro, Natalia and Stefan
Introduction This book concentrates on the post-Keynesian school of thought in economics. This is a relatively new approach to economics and is very different from the orthodox neoclassical economics. As such, the book will begin by providing a comprehensive overview of post-Keynesian economics (PKE) and then elaborate on a number of key issues of this approach. The number of issues discussed is determined by the usual constraints of a book-length study and by the number of papers available for inclusion. All the essays
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