Post-Keynesian Essays from Down Under Volume IV: Essays on Theory Th
Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a histor
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ys from Down Under Volume IV: Essays on Theory Theory and Policy in an Historical Context Joseph Halevi Center CRIISEA of the Universit é de Picardie, Amiens, France, Senior Lecturer, University of Sydney, Australia, International University College, Turin
G. C. Harcourt Visiting Professorial Fellow in the School of Economics, University of New South Wales, Australia
Peter Kriesler Associate Professor, University of New South Wales, Australia
and
J. W. Nevile Emeritus Professor, University of New South Wales, Australia
© Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile 2016 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion 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, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2016 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-137-47528-2 DOI 10.1057/978-1-137-47529-9
ISBN 978-1-137-47529-9 (eBook)
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Contents List of Figures and Tables
viii
Preface
ix
Acknowledgements
xi
About the Authors
xiv
Introduction
1
Part I Economic Theory 1 The Crisis in Mainstream Economics G. C. Harcourt
15
2 On the Concepts of Period and Run in Economic Theory G. C. Harcourt
23
3 Partial Equilibrium Analysis Peter Kriesler
33
4 Exchange Value Peter Kriesler
38
5 Expectations and Unemployment J. W. Nevile and Peter Kriesler
41
6 Aggregate Demand and Supply Analysis: A Story in the Wrong Language J. W. Nevile
53
7 The Use and Abuse of Aggregate Demand and Supply Functions J. W. Nevile and B. Bhaskara Rao
68
8 Has the Long-Run
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