Marc Lavoie – författare

Selected essays from the eminent economist, Wynne Godley, tracing the development of his work and illuminating the key theories and models that made his name. Essays focus not only on the stock-flow coherent approach, but also lay out Godley's views about the European Union and the stability of its monetary policy.

Post-Keynesian and heterodox economics challenge the mainstream economics theories that dominate the teaching at universities and government economic policies. And it was these latter theories that helped to cause the great depression the United States and the rest of the world is in. However, most economists and the top 1% do not want mainstream theories challenged—for to do so would mean questioning why and how the 1% got where they are. Therefore, numerous efforts have been and are being made to discredit if not suppress Post-Keynesian and heterodox economics. These efforts have had some success; this book is a response to them.This book makes it clear that Post Keynesian/heterodox economics is, in spite of internal problems, a viable and important approach to economics and that it should resist the attempts of the critics to bury it. The reader will also find arguments that directly engage the critics and suggest that their views/criticisms are vacuous and wrong. As such, this will appeal to all who are interested in economic theory, economic history and who believe in challenging the orthodoxy.

Alfred Eichner's pioneering contributions to post-Keynesian econmics offered significant insights on the way modern economies and institutions actually work. Published in 1987, his "Macrodynamics of Advanced Market Economies" contains rich chapters on dynamics and growth, investment, finance and income distribution, a timely chapter on the State and fiscal policy, and two analytical chapters on endogenous money that are years ahead of their time. Featuring chapters by many of Eichner's disciples, this book celebrates his rich contributions to post-Keynesian economics, and demonstrates that his work is in many ways as valid today as it was over two decades ago.

Alfred Eichner's pioneering contributions to post-Keynesian econmics offered significant insights on the way modern economies and institutions actually work. Published in 1987, his "Macrodynamics of Advanced Market Economies" contains rich chapters on dynamics and growth, investment, finance and income distribution, a timely chapter on the State and fiscal policy, and two analytical chapters on endogenous money that are years ahead of their time. Featuring chapters by many of Eichner's disciples, this book celebrates his rich contributions to post-Keynesian economics, and demonstrates that his work is in many ways as valid today as it was over two decades ago.

This comprehensive collection brings together sixteen influential papers by Marc Lavoie that showcase the depth and breadth of post-Keynesian economic thought. Organized into four thematic sections, this volume offers critical insights into theoretical foundations, pricing mechanisms, monetary systems, and growth models that challenge mainstream economic paradigms.Beginning with foundational explorations of Post-Keynesianism and its relationship with Neo-Ricardianism, the collection traces the evolution of this heterodox school of thought and examines its development in different contexts, including its remarkable journey in Canada. The second section delves into the nuanced world of post-Keynesian pricing theory, examining mark-up pricing versus normal cost approaches and engaging with the influential work of Frederic Lee. The monetary section—the most extensive in the collection—addresses critical issues from endogenous credit-money theory to modern monetary theory (MMT), offering penetrating analyses of reserve systems, sovereign currencies, and inflation dynamics through a post-Keynesian lens. The final section revisits the author’s seminal contributions on growth and distribution models, exploring the reconciliation of Kaleckian and Sraffian approaches and examining innovative concepts like cadrisme and overhead labor costs.This essential volume not only preserves important theoretical contributions but also demonstrates the continuing relevance of post-Keynesian economics in addressing contemporary economic challenges. Scholars, students, and policymakers will find this collection an invaluable resource for understanding alternative approaches to economic theory and policy.The chapters in this volume were originally published in Review of Political Economy and are now presented with a new Introduction and Foreword.

Post-Keynesian and heterodox economics challenge the mainstream economics theories that dominate the teaching at universities and government economic policies. And it was these latter theories that helped to cause the great depression the United States and the rest of the world is in. However, most economists and the top 1% do not want mainstream theories challenged—for to do so would mean questioning why and how the 1% got where they are. Therefore, numerous efforts have been and are being made to discredit if not suppress Post-Keynesian and heterodox economics. These efforts have had some success; this book is a response to them.This book makes it clear that Post Keynesian/heterodox economics is, in spite of internal problems, a viable and important approach to economics and that it should resist the attempts of the critics to bury it. The reader will also find arguments that directly engage the critics and suggest that their views/criticisms are vacuous and wrong. As such, this will appeal to all who are interested in economic theory, economic history and who believe in challenging the orthodoxy.

Selected essays from the eminent economist, Wynne Godley, tracing the development of his work and illuminating the key theories and models that made his name. Essays focus not only on the stock-flow coherent approach, but also lay out Godley's views about the European Union and the stability of its monetary policy.

Post-Keynesian Growth Theory is the second volume of Marc Lavoie's Selected Essays, and is a collection of 18 articles published between 1995 and 2020, on themes touching growth and distribution. The book contains an extended foreword by Eckhard Hein, and an introduction by Lavoie that recalls how he became attracted to post-Keynesian growth theory more than 45 years ago, and explains how and why this book came about.The collection includes a number of papers showing Lavoie's evolving approach to neo-Kaleckian models of growth and distribution, incorporating hysteresis, overhead labour, monetary issues, price inflation, as well as various sources of autonomous non-capacity creating expenditures. It shows how all of these interact with alternative Marxian or Sraffian approaches as well.A section of the book is also devoted to two-sector models, in particular the issue of the traverse from one equilibrium to another, extending the Kaleckian model but also providing insights into the works of Hicks and Pasinetti.Both professors and graduate students will benefit from the decades of experience and wisdom amassed and presented in Post-Keynesian Growth Theory.

Post-Keynesian Monetary Theory recaps Marc Lavoie's views on monetary theory over a 35-year period, seen from a post-Keynesian perspective. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism.Readers will find analyses of the earlier advocates of endogenous money such as Nicholas Kaldor and Jacques Le Bourva. They will discover how the arguments in support of the post-Keynesian theory of endogenous money and the credit view of banking have evolved through this 35-year period, and how they have been related to the new procedures pursued by central banks. All these essays show the relevance of the realistic post-Keynesian monetary theory in understanding the subprime and euro crises, quantitative easing and the distributional role of interest rates.Within these pages Marc Lavoie provides an overview of what has happened in post-Keynesian monetary economics over the last three and a half decades for students and scholars with interest in monetary economics, the horizontalist-structuralist debates and the recent history of economic thought.

Students in economics are ever more distressed by the disconnect between mainstream economics and the real world. This book shows how post-Keynesian economics constitutes a coherent heterodox alternative, based on realistic assumptions and the integration of the financial and real sides of the economy, with an emphasis on the many paradoxes that arise in a truly macroeconomic analysis.The book is a considerably revised and updated version of the widely used and frequently cited 2014 edition. It provides a comprehensive account of post-Keynesian theory and policy. Topics covered include its methodological foundations, consumer theory and choice under fundamental uncertainty, firms and pricing, money and credit, effective demand and employment, growth theory, open-economy issues, inflation theory. It also links with ecological economics. Scholars of economics, particularly post-Keynesian and heterodox economists, will find this comprehensive look at the field a necessary addition to their libraries, while students and instructors will find it a perfect text for any class on post-Keynesian economics.

Students in economics are ever more distressed by the disconnect between mainstream economics and the real world. This book shows how post-Keynesian economics constitutes a coherent heterodox alternative, based on realistic assumptions and the integration of the financial and real sides of the economy, with an emphasis on the many paradoxes that arise in a truly macroeconomic analysis.The book is a considerably revised and updated version of the widely used and frequently cited 2014 edition. It provides a comprehensive account of post-Keynesian theory and policy. Topics covered include its methodological foundations, consumer theory and choice under fundamental uncertainty, firms and pricing, money and credit, effective demand and employment, growth theory, open-economy issues, inflation theory. It also links with ecological economics. Scholars of economics, particularly post-Keynesian and heterodox economists, will find this comprehensive look at the field a necessary addition to their libraries, while students and instructors will find it a perfect text for any class on post-Keynesian economics.

Monetarism is dead! Central bankers are all Wicksellians now! They target low inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short-term real rates of interest. This is the New Consensus in monetary economics, or simply the New Keynesian Synthesis. Yet, this synthesis still hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism.Contributors to the volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the procedures pursued by central banks, the monetary policy transmission mechanisms suggested by central bankers themselves, and the assumptions imbedded in the New Consensus. They propose alternative analyses that clearly demonstrate the limits of modern central banking and point to the possible instability of monetary economies. Heterodox and orthodox monetary macroeconomists alike will find this illuminating book of great interest.

This innovative book demonstrates that it is possible to construct a coherent alternative to neoclassical economics based on the contributions of post Keynesian and Kaleckian economists. It identifies elements from the non-orthodox traditions, in particular from the neo-Ricardian school, that can be welded into a convincing alternative theoretical framework. The building blocks of this synthesis are the non-neo-classical microeconomic foundations of the theory of choice and of the firm. By emphasizing the consequences of a world characterized by true uncertainty and oligopolistic dominance, Marc Lavoie extends short-period paradoxes to the analysis of the long period, and bases these macroeconomic results on microeconomic foundations.