Foundations of Post-Keynesian Economic Analysis (New Directions in Modern Economics)

Rating:
Summary: A good textbook exposition
Review: Lavoie's attempt to write a textbook introduction to Post Keynesian Economics is a success. It accomplishes its goal to help people that are interested in the topic but don't know from where to start. It also helps people that have already started to have an overall perspective of the field. This is truly an accomplishment considering the fact that the different people have different ideas about what Post Keynesian Economics is all about. I enjoyed particularly the division of the book. After an overall introduction, Lavoie gives us two most welcome chapters about Post Keynesian Microeconomic Theory (about consumer theory and the theory of the firm), which are followed by four Macroeconomic chapters (about money and banking, the principle of effective demand, growth economics and inflation). Of course, as all of these topics are "as complex as it gets" and the space avaliable is limited, everyone will probably have some particular complaint about the treatment given to some particular topic. One must acknowledge that the advanced references to all the topics (and to almost all the different tribes within the Post Keynesian label) are there, though. Therefore, if you are interested in the topic you should buy the book. And do not pay attention to some of Lavoie's romantic excesses (specially in the first and last chapters).