Introduction to Post-Keynesian Economics Marc Lavoie
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I have been reading the "Introduction to Post-Keynesian Economics" by Lavoi while also ruminating about the nature of money in general. Direct determinant of output, investment, employment, is amount of money being spent, or aggregate demand. Why in that view do capitalist economies slump and boom? An example is Ecological Economics. What is the Keynesian theory of the business cycle? The more people spend, the more people are employed . Market system first sees that people are not going out to eat that often but won't see the decision to send kids to college later. Why won't bank lend the money to the college? Edgeworth developed utility theory, introducing the indifference curve and the famous "Edgeworth box," which have become standards in economic theory. Journal of Post Keynesian Economics 13(4): 525-543. Economics as 'unfalsifiable' a strange one from an Austrian.I think Austrian economics has some interesting insights on money and am no big fan of Kaletsky, although personally would describe myself as a post-Keynesian. A very interesting mix of intellectual and contextual inputs marked recent weeks for me. Within each school of economics there are often several subgroups.