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Pkt - Papers

Pkt


Post-Keynesian economic was formed and developed by economists such as Joan Robinson and Nicholas Kaldor who believed Keynesian economics was based on disequilibrium and uncertainty, and that challenges the general equilibrium assumptions of neo-classical theory. The main aim of post-Keynesian economics is to complete the unfinished Keynesian revolution.
Post-Keynesian economists fundamentally used ideas from Keynes and his concept of effective demand, Marxist economist Michael Kalecki to provide a critique of neo-classical economics beliefs and an alternative theory of markets. These economists again emphasise uncertainty, real time and actual market conditions. They also revived the ...

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in economics was static rather than dynamic. Harrodsf argued what was needed is a body of theory to explain what caused the observable movement of the economic system to change overtime. The Harrod-Domar formula, in which the growth rate as the dependent variable, is determined by the propensity to save and the incremental capital/output ratio.2
eThe Accumulation of Capitalf by Robinson and eReview of Economic studiesf by Kaldor were two key writings, which appeared in 1956. Both explained about the distinction between wages and profits in the work of Kalecki to explain an important aspect of growth dynamics, one inextricably linked to the distribution of income. 2 Such as an increase in the growth rate, because of the higher level of investment that it implied, would necessary be accompanied by a larger share of profits in national income, thus leaving workers relatively worth off. 2
In the 1960s, when American economy met a crisis which included inflation problem there was ...

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Robinson suggests that, continues adjustment must be made. This process proceeds indefinitely without equilibrium ever being achieved, let alone maintained. Thus history matters. 4
Relatively to the first matter, the second characteristic is ethe existence of irreversible timef, where economic agents enter into commitments well before outcomes can be predicted. gHistorical time is sharply distinguished from logical time, which is rejected in post-Keynesian economics. Logical time is closely related to rationality and logical calculus. Problems associated with historical time are consequently assumed away by this mode of thought. Uncertainty is reduced to risk, which can be calculated ...

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PAPER DETAILS
Added: 9/13/2008 03:11:54 PM
Category: Miscellaneous
Type: Premium Paper
Words: 1329
Pages: 5

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