Post-Keynesian Economic Theory

Aims of the course

- Presentation of postkeynesian views of main macro- and microeconomic issues.
- Abitlity for the application of the postkeynesian analytical tools and concepts.
- Elaboration of basic keynesian concepts within the postkeynesian analytical framework.
- Postkeynesian interpretation of contemporary economic developments.

Course syllabus

1. The development of postkeynesian economic theory: an overview
2. Critique of neoclassical economics as the background of postkeynesian economic theory
2.1. The Sraffian model
2.2. Choice of technique and the wage-profit relationship
2.3. Reswitching and the effects of the composition of capital
2.4. A critique of the neoclassical theory of distribution, production and capital
3. Postkeynesian theory of income distribution
3.1. The Harrod-Domar model and the Cambridge equation
3.2. Two interpretations of the postkeynesian theory of distribution
3.3. Postkeynesian theory of distribution and the factor markets (income rates)
4. Pricing theory in postkeynesian economics
4.1. Three strands in the theory of prices: marginalist, Kaleckian and the theory of normal
prices
4.2. "New" theory of competition
4.3. "New" theory of the firm
5. Theory of effective demand
5.1. Introduction to the theory of effective demand
5.2. Monetary aspects of the economy
5.3. Postkeynesian approach to economic growth
5.4. Postkeynesian theory of inflation
6. Completing the postkeynesian model of the economy
6.1. The short-term postkeynesian model
6.2. The long-term postkeynesian model
7. A postkeynesian view of the Slovenian economy

Course director(s)