Toward a New Economics: Essays in Post-Keynesian and Institutionalist Theory

By Alfred S. Eichner | Go to book overview

on Stagflation, one of that committee's Special Studies on Economic Change ( Eichner, 1980a). The overview of post-Keynesian theory presented in the first part of the essay can be supplemented by looking at Eichner and Kregel, 1975, and Eichner, 1979b. See also Kregel, 1973; Shapiro, 1977, and Davidson, 1980. The analysis of the inflationary process presented in the second part of the essay and the discussion of the required policy response found in the third and final section is drawn from Eichner, 1974, 1976. Insofar as the required policy response is concerned, see especially Eichner, 1976, ch. 8. The addendum on the various forms an incomes policy can take was originally published in the Journal of Post Keynesian Econonomics as a response to an article by Rakowski ( 1983) in which, after acknowledging that the problem of inflation derives from conflicts over the distribution of income, Rakowski equates an incomes policy with "controls" and then proceeds to argue that any such "controls" will not be successful in the absence of agreement as to what is a fair distribution of income.


Notes
1.
Although this vision is perhaps more fully developed in The General Theory ( Keynes, 1936), it is already discernible in the earlier Treatise ( Keynes, 1930).
2.
The vision is first found in Harrod 1939 article but is better developed in his 1948 book. See Kregel, 1971, chapter 8.
3.
For the most important of Kalecki's essays in English, see his 1971 volume. See also Kalecki, 1938, 1954; Feiwel, 1975.
4.
Although The Accumulation of Capital, together with its companion volume, the Essays in the Theory of Economic Growth ( 1962), is the most important of the early major works in post-Keynesian theory, the contribution of Robinson's contemporaries at Cambridge University, England, should not be overlooked. Piero Sraffa's The Production of Commodities by Means of Commodities ( 1960) is in a class by itself, providing as it does the broadest possible foundation for revitalizing economic theory, but the work of Nicholas Kaldor as presented in a series of journal articles ( Kaldor, 1955-56, 1960a, and 1960b) needs to be acknowledged as well. Moreover, there is the contribution of the American institutionalist economists, particularly Gardiner C. Means ( 1962) and John M. Clark ( 1961), in developing the micro foundations of post-Keynesian theory, along with the similar contribution of the Oxford pricing study group in England ( Wilson and Andrews, 1951).
5.
Although the neoclassical synthesis first appeared in Samuelson dissertation ( 1948) as well as in the first edition of his well-known introductory textbook, the extension of that framework to a growing economy did not come until Solow's (and Swan's) separate 1956 articles.
6.
G = s/v, or, in the version put forward by Harrod, G = s/C, where G is the growth of output, s is the marginal propensity to save, and v or C is the incremental capital/output ratio.
7.
Robinson, 1956; Pasinetti, 1962, 1974, chapters 5-6. The basic formula for

-149-

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Toward a New Economics: Essays in Post-Keynesian and Institutionalist Theory
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Preface viii
  • 1 - Introduction 3
  • 2 - The Megacorp as a Social Innovation 10
  • Afterword 27
  • 3 - Micro Foundations of the Corporate Economy 28
  • Afterword 73
  • 4 - An Anthropogenic Approach to Labor Economics 75
  • Afterword 96
  • 5 - The Demand Curve for Money Further Considered (Written With, and Based on the Econometric Work of, Leonard Forman and Miles Groves) 98
  • Afterword 109
  • 6 - Stagflation: Explaining the Inexplicable 113
  • Addendum 145
  • Afterword 148
  • Notes to the Addendum 149
  • 7 - The New Paradigm and Macrodynamic Modeling 151
  • Introduction 151
  • Conclusions 173
  • 8 - Post-Keynesian Theory and Empirical Research 176
  • Afterword 199
  • 9 - Reflections on Social Democracy 200
  • Afterword 218
  • References 219
  • Index 231
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