Postkeynesian (PK) theory of production and distribution – selected problems. I . Keynesianism, neo-Keynesianism, post-Keynesianism 1. Nature of the so called Keynesian revolution in economics Keynes : rejection of neo-classical equlibrium concept
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I. Keynesianism, neo-Keynesianism, post-Keynesianism
1. Nature of the so called Keynesian revolution in economics
2. Grand neo-classical synthesis (Samuelson): combination (fusion) of Keynesian macroeconomics (demand oriented theory of aggregate income) with essental theorems of neo-classical microoeconomics (production and distribution theory in particular) a new (eclectic) model of state interventionism
3. Neo-Keynesianism (new Keynesian macroeconomics)
4. Postkeynesianism: general profile
4. Postkeynesianism: general profile - cont.
II. Main research areas within PK economics
(interdependence of two above mentioned directions of PK critique of NCE)
II.1. Critique of MPT/MDT
(1) the increase in product brought about by the substitution of labor for capital, from
(2) that increase which is caused by disembodied technological change/progress (as it results from the concept of macroeconomic NCE production function) PK concept of the technological progress function by Kaldor
1. There exists a historically determined rate of profit
2. From this rate of profit results a given value of capital
3. Wages have to reach a level that by this value of capital the above mentioned rate of profit is attained