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Marc Lavoie - One of the best experts on this subject based on the ideXlab platform.
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Kalecki and post-Keynesian Economics
2020Co-Authors: Marc LavoieAbstract:Michal Kalecki is recognized by many observers as an important contributor and inspiration of post-Keynesian Economics.2 For instance, Joan Robinson, Geoff Harcourt and Malcolm Sawyer have constantly reasserted the importance and relevance of Kalecki’s work, arguing, as Philip Arestis (1996, p. 11) did, that ‘there is very little doubt that Kalecki’s role in post-Keynesian Economics is both extensive and paramount’. This, however, is not the opinion of all post-Keynesians. Undoubtedly, the most reluctant author to induct Kalecki within the post-Keynesian Hall of Fame is the long-time editor of the Journal of Post Keynesian Economics, Paul Davidson. As recalled by John King (1996, p. 151), Davidson’s reluctance to pay homage to Kalecki is not something new; from the very beginning of his career in the early 1960s, Davidson found little of interest in Kalecki’s writings. This, of course, can be contrasted with the views of another prominent American post-Keynesian, namely Hyman Minsky, who from 1977 on explicitly adopted Kalecki’s macroeconomic theory of profits.
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Post-Keynesian Economics
2020Co-Authors: Marc LavoieAbstract:International audienceThe book is a considerably extended and fully revamped edition of the highly successful and frequently cited Foundations of Post-Keynesian Economic Analysis, published in 1992. It provides an exhaustive account of post-Keynesian Economics and of the developments that have occurred in post-Keynesian theory and in the world economy over the last twenty years. Topics covered include open-economy issues, the methodological foundations of heterodox Economics, consumer theory, firms and pricing, money and credit, effective demand and employment, inflation theory, and growth theories
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understanding the global financial crisis contributions of post Keynesian Economics
Studies in Political Economy, 2016Co-Authors: Marc LavoieAbstract:AbstractPost-Keynesian Economics has greatly improved our understanding of the causes as well as some of the consequences of the Global Financial Crisis. This paper deals with some examples related to monetary issues—namely, the financial instability hypothesis of Minsky and its extension to the household sector, as well as the post-Keynesian theory of endogenous money, with its extension to quantitative easing policies set within a framework where the central bank’s target rate of interest is set equal to the rate of interest paid on reserves.
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post Keynesian Economics new foundations
2014Co-Authors: Marc LavoieAbstract:The book is a considerably extended and fully revamped edition of the highly successful and frequently cited Foundations of Post-Keynesian Economic Analysis, published in 1992. It provides an exhaustive account of post-Keynesian Economics and of the developments that have occurred in post-Keynesian theory and in the world economy over the last twenty years. Topics covered include open-economy issues, the methodological foundations of heterodox Economics, consumer theory, firms and pricing, money and credit, effective demand and employment, inflation theory, and growth theories.
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Teaching Post-Keynesian Economics in a mainstream department
Teaching Post Keynesian Economics, 2013Co-Authors: Marc LavoieAbstract:This book contends that post Keynesian Economics has its own methodological and didactic basis, and its realistic analysis is much-needed in the current economic and financial crisis. At a time when the original message of Keynes’ General Theory is no longer present in most university syllabuses, this book celebrates the uniqueness of teaching post Keynesian Economics, providing comparisons with traditional economic rationale and illustrating the advantages of post Keynesian pedagogy.
Abdallah Zouache - One of the best experts on this subject based on the ideXlab platform.
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Towards a «New NeoClassical Synthesis»? An Analysis of the Methodological Convergence between New Keynesian Economics and Real Business Cycle Theory
History of Economic Ideas, 2020Co-Authors: Abdallah ZouacheAbstract:This paper discusses the emergence of a New NeoClassical Synthesis in macroEconomics. It shows that the New NeoClassical Synthesis is the result of the methodological convergence that has occurred between New Keynesian Economics and Real Business Cycle theory. As a result of this convergence, the New NeoClassical Synthesis appears as an extension of the methodology of Real Business Cycle theory. This consensus is illustrated with regard to the analysis of unemployment. An agreement has emerged between New Keynesian Economics and Real Business Cycle theory to abandon the concept of involuntary unemployment in order to focus on the study of the impact of frictional unemployment on employment dynamics.
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towards a new neoclassical synthesis an analysis of the methodological convergence between new Keynesian Economics and real business cycle theory
History of Economic Ideas, 2004Co-Authors: Abdallah ZouacheAbstract:This paper discusses the emergence of a New NeoClassical Synthesis in macroEconomics. It shows that the New NeoClassical Synthesis is the result of the methodological convergence that has occurred between New Keynesian Economics and Real Business Cycle theory. As a result of this convergence, the New NeoClassical Synthesis appears as an extension of the methodology of Real Business Cycle theory. This consensus is illustrated with regard to the analysis of unemployment. An agreement has emerged between New Keynesian Economics and Real Business Cycle theory to abandon the concept of involuntary unemployment in order to focus on the study of the impact of frictional unemployment on employment dynamics.
John E. King - One of the best experts on this subject based on the ideXlab platform.
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The Elgar Companion to Post Keynesian Economics - The Elgar Companion to Post Keynesian Economics
2020Co-Authors: John E. KingAbstract:In this definitive volume, over 80 distinguished contributors from four continents provide authoritative critical discussion of the principal areas of controversy in post Keynesian Economics, including all significant issues in methodology, economic theory, applied Economics and policy.
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Has there Been Progress in Post Keynesian Economics
2020Co-Authors: John E. KingAbstract:Has there Been Progress in Post Keynesian Economics? (by John Edward King) - ABSTRACT: I begin by assessing the socio-economic dimensions of scientific progress. In most of these areas Post Keynesian Economics has gone backwards since the 1970s. I then outline the views on intellectual progress of the philosophers Karl Popper, Thomas Kuhn and Imre Lakatos, and consider the performance of the Post Keynesians according to their criteria. I conclude by speculating on some alternative futures for Post Keynesianism, which include impending death, absorption into the mainstream, incorporation into a broader school of heterodox Economics, and the (unlikely) possibility that the Post Keynesians might undertake a successful scientific revolution against neoclassical theory. JEL Classification: B22
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an alternative macroeconomic theory the kaleckian model and post Keynesian Economics
2011Co-Authors: John E. KingAbstract:Introduction. 1. Kalecki's Role in Post Keynesian Economics: an Overview P. Arestis. 2. Kalecki and Keynes S. Chapple. 3. Microfoundations: A Kaleckian Perspective P. Kriesler. 4. Kalecki's Theory of Prices and Distribution P.J. Reynolds. 5. Kalecki on the Trade Cycle and Economic Growth M. Sawyer. 6. Kalecki's Monetary Economics G.A. Dymski. 7. Kalecki and the Americans J.E. King. 8. Kalecki, Marx and the Economics of Socialism J. Toporowski. 9. Michal Kalecki and the Political Economy of the Third World B. McFarlane. Contributing Authors. Index.
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the elgar companion to post Keynesian Economics
2003Co-Authors: John E. KingAbstract:In this definitive volume, over 80 distinguished contributors from four continents provide authoritative critical discussion of the principal areas of controversy in post Keynesian Economics, including all significant issues in methodology, economic theory, applied Economics and policy.
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a history of post Keynesian Economics since 1936
2002Co-Authors: John E. KingAbstract:This is a unique, comprehensive and international history of the post Keynesian approach to Economics since 1936. The author locates the origins of post Keynesian Economics in the conflicting initial interpretations of Keynes’s General Theory and in the complementary work of Michal Kalecki.
Giuseppe Fontana - One of the best experts on this subject based on the ideXlab platform.
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A history of Post Keynesian Economics since 1936: some hard (and not so hard) questions for the future
Journal of Post Keynesian Economics, 2020Co-Authors: Giuseppe FontanaAbstract:This paper discusses three controversial questions to which I was naturally led by the reading of John E. King's A History of Post Keynesian Economics Since 1936 (2002). First, did King unduly play down the role of the second generation of Post Keynesian economists? Second, how revolutionary were Keynes's writings, and how radical should Post Keynesian Economics be? Finally, what is the future of Post Keynesian Economics?
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Reflections on the development of post Keynesian Economics
History of Economic Ideas, 2020Co-Authors: Giuseppe FontanaAbstract:A review essay on John E. King, A History of Post Keynesian Economics Since 1936, Cheltenham (UK) and Northampton (MA), (USA), Edward Elgar, 2002, vii+316.
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the return of Keynesian Economics a contribution in the spirit of john cornwall s work
Review of Political Economy, 2010Co-Authors: Giuseppe FontanaAbstract:This paper assesses the recent interest for Keynesian Economics in academia and policy-making circles. It examines the main features of Keynesian Economics vis-a-vis neoclassical Economics, before presenting the three-equation New Consensus MacroEconomics (NCM) model and its Keynesian roots. Drawing on the work of John Cornwall, the main conclusion of the paper is that the most important criticisms of the model are related to the acceptance of the axiom of independence between aggregate supply and aggregate demand by proponents of the NCM view.
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the future of post Keynesian Economics
PSL Quarterly Review, 2006Co-Authors: Giuseppe Fontana, Bill GerrardAbstract:This paper assesses the current state of Post Keynesian Economics and attempts to outline a strategy for its future development. It is argued that Post Keynesianeconomists have concentrated in recent years on the important pre-analytical task of searching for a sound methodological foundation upon which to develop analytical contributions to the development of economic theory and practice. It is then suggested that the future of Post Keynesian Economics lies in the substantive task of constructing more general, encompassing understandings of economic behaviour that extend the applicability of existing economic theory to non-allocative modes of behaviour.
Richard P F Holt - One of the best experts on this subject based on the ideXlab platform.
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Teaching Post Keynesian Economics to undergraduate students
Journal of Post Keynesian Economics, 2020Co-Authors: Steven Pressman, Richard P F HoltAbstract:This paper argues that providing alternative perspectives, such as Post Keynesian Economics, is important to students and for the success of the Economics profession. Comparing and contrasting different views allow students to develop critical reasoning skills that they will need later in their lives. Such knowledge is important to students in understanding how changes occur in economic thinking. Finally, it is explained how a student-oriented supplementary volume is one way to enrich an Economics course.
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Empirical Post Keynesian Economics: Looking at the Real World
2006Co-Authors: Richard P F Holt, Steven PressmanAbstract:List of Tables and Figures 1. Empirical Analysis and Post Keynesian Economics, Richard Holt and Steven Pressman Part I. Empirical Studies of Consumption 2. What Can Post Keynesian Economics Teach Us About Poverty? Steven Pressman 3. Unemployment, Inequality, and the Policy of Europe: 1984-2000, James K. Galbraith and Enrique Garcilazo 4. The Racial U-Curve in U.S. Residential Credit Markets in the 1990s: Drawing Empirical Evidence from a Post Keynesian World, Gary A. Dymski and Carolyn B. Aldana 5. An Analysis of Credit Card Debt Default, Robert H. Scott III Part II. Empirical Studies of Business Investment 6. The Dynamics of Innovation and Investment, with Application to Australia, 1984-1998, Jerry Courvisanos 7. Kalecki's Investment Theory: A Critical Realist Approach, Anthony J. Laramie, Douglas Mair, and Anne G. Miller 8. Bubbles or Whirlpools? An Empirical Analysis of the Effects of Speculation and Financial Uncertainty on Investment, Michelle Baddeley 9. An Analysis of the Shrinking Supply of Equity and the U.S. Stock Market Boom: Does Supply Matter? Lawrance L. Evans, Jr. Part III. Empirical Studies of International Economic Relations 10. The Effect of Distribution on Accumulation, Capacity Utilization, and Employment: Testing the Profit-led Hypothesis for Turkey, Ozlem Onaran and Engelbert Stockhammer 11. Growth Under External Constraints in Brazil: A Post Keynesian Approach, Frederico Jayme, Jr. Index About the Editors and Contributors.
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post Keynesian Economics and sustainable development
International Journal of Environment Workplace and Employment, 2005Co-Authors: Richard P F HoltAbstract:This paper looks at the relationship between sustainable development and Economics. Neoclassical Economics with its current methodological approach is not well suited to understand or analyse the problem of sustainable development. Post-Keynesian Economics – with its focus on macro and policy outcomes, the role of institutions, uncertainty, historical time, and its criticism of gross substitution and ergodicity – has elements within its methodology that makes it better suited to incorporate sustainability into its analysis than neoclassical Economics.
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a new guide to post Keynesian Economics
2001Co-Authors: Richard P F Holt, Steven PressmanAbstract:1: What is Post-Keynesian Economics? 2: Post-Keynesian Methodology 3: Pricing 4: The Distribution of Income 5: Tax Incidence 6: Uncertainty and Expectations 7: Labour and Unemployment 8: Money and Inflation 9: Macrodynamics 10: The Role of the State and the State Budget 11: International Monetary Arrangements 12: Post-Keynesian Economics: A Look Ahead
