Post-Keynesian Economic Theory
Post-Keynesian Economic Theory explores and develops several areas of post- Keynesian economics most in need of additional fundamental research, including: a monetary theory of production; post-Keynesian price theory; international economics; labor econom
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RECENT ECONOMIC THOUGHT SERIES Editors: Warren J. Samuels Michigan State University East Lansing, Michigan, USA
William Darity, Jr. University of North Carolina Chapel Hill, North Carolina, USA
Other books in the series: Mercuro, N.: TAKING PROPERTY AND JUST COMPENSATION de Marchi, N.: POST-POPPERIAN METHODOLOGY OF ECONOMICS Gapinski, J.: THE ECONOMICS OF SAVING Darity, W.: LABOR ECONOMICS: PROBLEMS IN ANALYZING LABOR MARKETS Caldwell, B. and Boehm, S.: AUSTRIAN ECONOMICS: TENSIONS AND DIRECTIONS Tool, Marc R.: INSTITUTIONAL ECONOMICS: THEORY, METHOD, POLICY Babe, Robert E. : INFORMATION AND COMMUNICATION IN ECONOMICS Magnusson, Lars: MERCANTILIST ECONOMICS Garston, Neil: BUREAUCRACY: THREE PARADIGMS Friedman, James W.: PROBLEMS OF COORDINATION IN ECONOMIC ACTIVITY Magnusson, Lars: EVOLUTIONARY AND NEO-SCHUMPETERIAN APPROACHES TO ECONOMICS Reisman, D.: ECONOMIC THOUGHT AND POLITICAL THEORY Burley, P. and Foster, J.: ECONOMICS AND THERMODYNAMICS: NEW PERSPECTIVES ON ECONOMIC ANALYSIS Brennan, H.G. and Waterman, A.C.: ECONOMICS AND RELIGION: ARE THEY DISTINCT? Klein, Philip A.: THE ROLE OF ECONOMIC THEORY Semmler, Willi.: BUSINESS CYCLES: THEORY AND EMPIRICS Little, Daniel: ON THE RELIABILITY OF ECOONOMIC MODELS: ESSAYS IN THE PHILOSOPHY OF ECONOMICS Weimer, David L.: INSTITUTIONAL DESIGN Davis, John B.: THE STATE OF THE INTERPRETATION OF KEYNES
POST·KEYNESIAN ECONOMIC THEORY
Edited by PauIWells U niversity of Illinois @ U rbana-Champaign Champaign, IL 61820
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Springer Science+Business Media, LLC
Library of Congress Cataloging-in-Publication Data Post-Keynesian economic theory / edited by Paul Wells. p. cm. -- (Recent economic thought series) Includes bibliographical references and index. ISBN 978-1-4613-5987-6 ISBN 978-1-4615-2331-4 (eBook) DOI 10.1007/978-1-4615-2331-4 1. Keynesian economics. 1. Wells, Paul J., 1925II. Series HB99.7.P68 1995 330. 15'6--dc20 95-8144 CIP
Copyright c 1995 by Springer Science+Business Media New York OrigiDally published by Kluwer Academic Publishers in 1995 Softcover reprint ofthe hardcover Ist edition 1995 Ali rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo-copying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC.
Printed on acid-free paper.
CONTENTS
Preface WarrenJ. Samuels
vii
1
Liquidity Preference in International Finance: The Case of Developing Countries Sheila Dow
1
2
Post-Keynesian Developments of Liquidity PreferenceTheo~
Fernando J. Cardim de Carvalho
17
3 Firm-Determined Prices: The Post-Keynesian Conception Nina Shapiro and Tracy Mott
35
4 The Mone~ and the Real: Sectoral Interdependence and Market Outcomes Douglas Vickers
49
5 Mr. Keynes, the New Keynesians, and the Concept of Full Employment William Darity, Jr., and Arthur H. Goldsmith
73
6 Causes for Persistent Unemployment and Fluctuations in Moneta~ Economies Edward J. Amadeo
95 v
PREFACE I first suggested to Pa
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