"THE BASIC TENETS"
- The pervasiveness of uncertainty as
distinct from calculable risk
- The historical time within which production and all other economic events take place in an irreversible fashion
- The existence of a credit-money economy of forward contracts in which the money supply has virtually a zero cost of production
- The setting of individual product prices as a markup over unit prime costs in the dominant oligopolistic sector operating with planned excess capacity
- The irrelevance of demand-supply analysis to labor markets, and the key dependence of the general price level on nominal wages determined exogenously under collective bargaining
- The endogenous nature of the money supply
- The inherent instability of capitalism
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Source: Stephen Rousseas, "Post Keynesian Monetary Economics", 1992.
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