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, the 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 sectionthe most extensive in the collectionaddresses 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 authors 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.
Foreword Introduction
1. Towards a New Research Programme for
Post-Keynesianism and Neo-Ricardianism
2. Perspectives for Post-Keynesian
Economics
3. Post-Keynesianism in Canada: From an Extraordinary Beginning to
an Uncertain Future?
4. Frederic Lee and Post-Keynesian Pricing Theory
5.
Mark-up Pricing versus Normal Cost Pricing in Post-Keynesian Models
6.
Realism, Simulations and Post-Keynesian Pricing Models: A Response to Lee
7.
Jacques Le Bourva's theory of endogenous credit-money
8. A System with Zero
Reserves and with Clearing Outside of the Central Bank: The Canadian Case
9.
MMT, Sovereign Currencies and the Eurozone
10. Where do the Pasinetti Rule
and the Pasinetti Index Come from?
11. The New Consensus on Monetary Policy
and its Post-Keynesian Critique
12. Conflictual Inflation and the Phillips
Curve
13. A Simple Stock-Flow Consistent Model with Short-Term and Long-Term
Debt: A Comment on Claudio Sardoni
14. Kaleckian Effective Demand and
Sraffian Normal Prices: Towards a reconciliation
15. Cadrisme within a
Post-Keynesian Model of Growth and Distribution
16. Overhead Labour Costs in
a Neo-Kaleckian Growth Model with Autonomous Non-Capacity Creating
Expenditures
Marc Lavoie is Professor emeritus in the Department of Economics at the University of Ottawa, where he has taught for over 35 years, and professor emeritus at the University Sorbonne Paris Nord. He is also a Research Fellow at the Macroeconomic Research Institute of the Hans Böckler Foundation in Düsseldorf and a Research Associate at the Broadbent Institute in Toronto. Lavoie has published more than 250 articles or book chapters in a wide variety of fields, in particular macroeconomics and monetary economics. He has written Monetary Economics: An Integrated Approach to Money, Income, Production and Wealth (2007, with Wynne Godley), edited Wage-led Growth: An Equitable Strategy for Economic Recovery (2013, with E. Stockhammer) and In Defense of Post-Keynesian and Heterodox Economics (2013, with F. Lee). He is also the author of Post-Keynesian Economics: New Foundations (2022), which is an exhaustive account of post-Keynesian economic analysis.
