New Directions in Modern Economics
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This major book provides a coherent critique of the neo-classical synthesis together with a comprehensive and systematic introduction to the Post-Keynesian alternatives. Professor Arestis demonstrates that Post-Keynesian economics offers a challenge to conventional neo-classsical economics. He argues that although Post-Keynesianism is not problem-free, it neverless offers a more satisfactory explanation of "real" phenomena. The Post-Keynesian Approach to Economics reveals the microfoundations of post-Keynesian economics and describes how these theoretical propositions link up with the macrofoundations. In doing so, it demonstrates that money pricing capital accumulation, growth and distribution are linked very closely together. The economic policy implications are discussed extensively.