Post-Keynesian economics is a
school
A school is an educational institution designed to provide learning spaces and learning environments for the teaching of students under the direction of teachers. Most countries have systems of formal education, which is sometimes compuls ...
of
economic thought
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
with its origins in ''
The General Theory
''The General Theory of Employment, Interest and Money'' is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, giving macroeconomics a central place in economic theory and ...
'' of
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in ...
, with subsequent development influenced to a large degree by
Michał Kalecki
Michał Kalecki (; 22 June 1899 – 18 April 1970) was a Polish Marxian economist. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics ...
,
Joan Robinson
Joan Violet Robinson (''née'' Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory. She was a central figure in what became known as post-Keynesian economics.
B ...
,
Nicholas Kaldor
Nicholas Kaldor, Baron Kaldor (12 May 1908 – 30 September 1986), born Káldor Miklós, was a Cambridge economist in the post-war period. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), d ...
,
Sidney Weintraub,
Paul Davidson,
Piero Sraffa
Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist who served as lecturer of economics at the University of Cambridge. His book ''Production of Commodities by Means of Commodities'' is taken as founding the neo- ...
and
Jan Kregel
Jan A. Kregel (born 19 April 1944) is an American post-Keynesian economist.
Kregel has served since 2006 as Professor of Finance and Development at Tallinn University of Technology, Tallinn, Estonia. He is an adjunct professor at Johns Hopkins SA ...
. Historian
Robert Skidelsky
Robert Jacob Alexander, Baron Skidelsky, (born 25 April 1939) is a British economic historian. He is the author of a three-volume award-winning biography of British economist John Maynard Keynes (1883–1946). Skidelsky read history at Jesus C ...
argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a
heterodox approach to economics
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics' ...
.
Introduction
The term "post-Keynesian" was first used to refer to a distinct school of economic thought by
Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more recent work, ''post-Keynesian'' could simply mean economics carried out after 1936, the date of Keynes's ''General Theory''.
Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepresented by the two other principal Keynesian schools:
neo-Keynesian economics
The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Key ...
, which was orthodox in the 1950s and 60s, and
new Keynesian economics
New Keynesian economics is a school of macroeconomics that strives to provide microfoundations, microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new ...
, which together with various strands of
neoclassical economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good ...
has been dominant in mainstream
macroeconomics
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole.
For example, using interest rates, taxes, and ...
since the 1980s. Post-Keynesian economics can be seen as an attempt to rebuild economic theory in the light of Keynes' ideas and insights. However, even in the early years, post-Keynesians such as Joan Robinson sought to distance themselves from Keynes, and much current post-Keynesian thought cannot be found in Keynes. Some post-Keynesians took a more progressive view than Keynes himself, with greater emphases on worker-friendly policies and redistribution. Robinson, Paul Davidson and
Hyman Minsky
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research att ...
emphasized the effects on the economy of practical differences between different types of investments, in contrast to Keynes' more abstract treatment.
The theoretical foundation of post-Keynesian economics is the principle of
effective demand
In economics, effective demand (ED) in a market is the demand for a product or service which occurs when purchasers are constrained in a different market. It contrasts with notional demand, which is the demand that occurs when purchasers are not ...
, that demand matters in the long as well as the short run, so that a competitive market economy has no natural or automatic tendency towards
full employment
Full employment is a situation in which there is no cyclical or unemployment#Cyclical unemployment, deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely Structu ...
. Contrary to the views of new Keynesian economists working in the neoclassical tradition, post-Keynesians do not accept that the theoretical basis of the market's failure to provide full employment is rigid or
sticky prices
Nominal rigidity, also known as price-stickiness or wage-stickiness, is a situation in which a nominal price is resistant to change. Complete nominal rigidity occurs when a price is fixed in nominal terms for a relevant period of time. For exampl ...
or wages. Post-Keynesians typically reject the
IS–LM model
IS–LM model, or Hicks–Hansen model, is a two-dimensional macroeconomic tool that shows the relationship between interest rates and assets market (also known as real output in goods and services market plus money market). The intersection of ...
of
John Hicks
Sir John Richards Hicks (8 April 1904 – 20 May 1989) was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economic ...
, which is very influential in neo-Keynesian economics, because they argue endogenous bank lending to be more significant than central banks' money supply for the interest rate.
The contribution of post-Keynesian economics has extended beyond the theory of aggregate employment to theories of
income distribution
In economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes eco ...
, growth, trade and development in which money demand plays a key role, whereas in neoclassical economics these are determined by the forces of technology, preferences and endowment. In the field of monetary theory, post-Keynesian economists were among the first to emphasise that money supply responds to the demand for bank credit, so that a
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
cannot control the quantity of money, but only manage the interest rate by managing the quantity of monetary reserves.
This view has largely been incorporated into mainstream economics and
monetary policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...
, which now targets the interest rate as an instrument, rather than attempting to accurately control the quantity of money. In the field of finance, Hyman Minsky put forward a theory of financial crisis based on
financial fragility Financial fragility is the vulnerability of a financial system to a financial crisis. Franklin Allen and Douglas Gale define financial fragility as the degree to which "...small shocks have disproportionately large effects." Roger Lagunoff and Stace ...
, which has received renewed attention.
Main features
In 2009
listed the main features of post-Keynesian economics:
* Effective demand
* Historical and dynamic time
He also lists 5 auxiliary features:
* The possible negative impact of flexible prices
* The monetary production of the economy
* Fundamental uncertainty
* Relevant and contemporary microeconomics
* Pluralism of theories and methods
Strands
There are a number of strands to post-Keynesian theory with different emphases. Joan Robinson regarded
Michał Kalecki
Michał Kalecki (; 22 June 1899 – 18 April 1970) was a Polish Marxian economist. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics ...
's theory of effective demand to be superior to Keynes' theories. Kalecki's theory is based on a
class division
Class or The Class may refer to:
Common uses not otherwise categorized
* Class (biology), a taxonomic rank
* Class (knowledge representation), a collection of individuals or objects
* Class (philosophy), an analytical concept used differently ...
between workers and capitalists and
imperfect competition In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market. Imperfect competition will cause market inefficiency when it hap ...
. Robinson also led the critique of the use of aggregate production functions based on homogeneous capital – the
Cambridge capital controversy
The Cambridge capital controversy, sometimes called "the capital controversy"Brems (1975) pp. 369-384 or "the two Cambridges debate", was a dispute between proponents of two differing theoretical and mathematical positions in economics that starte ...
– winning the argument but not the battle. The writings of
Piero Sraffa
Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist who served as lecturer of economics at the University of Cambridge. His book ''Production of Commodities by Means of Commodities'' is taken as founding the neo- ...
were a significant influence on the post-Keynesian position in this debate, though Sraffa and his
neo-Ricardian followers drew more inspiration from
David Ricardo
David Ricardo (18 April 1772 – 11 September 1823) was a British Political economy, political economist. He was one of the most influential of the Classical economics, classical economists along with Thomas Robert Malthus, Thomas Malthus, Ad ...
than Keynes. Much of
Nicholas Kaldor
Nicholas Kaldor, Baron Kaldor (12 May 1908 – 30 September 1986), born Káldor Miklós, was a Cambridge economist in the post-war period. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), d ...
's work was based on the ideas of increasing
returns to scale,
path dependence
Path dependence is a concept in economics and the social sciences, referring to processes where past events or decisions constrain later events or decisions. It can be used to refer to outcomes at a single point in time or to long-run equilibria ...
, and the key differences between the
primary
Primary or primaries may refer to:
Arts, entertainment, and media Music Groups and labels
* Primary (band), from Australia
* Primary (musician), hip hop musician and record producer from South Korea
* Primary Music, Israeli record label
Works
* ...
and
industrial
Industrial may refer to:
Industry
* Industrial archaeology, the study of the history of the industry
* Industrial engineering, engineering dealing with the optimization of complex industrial processes or systems
* Industrial city, a city dominate ...
sectors.
Paul Davidson follows Keynes closely in placing time and
uncertainty
Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown. Uncertainty arises in partially observable or ...
at the centre of theory, from which flow the nature of money and of a monetary economy.
Monetary circuit theory
Monetary circuit theory is a heterodox theory of monetary economics, particularly money creation, often associated with the post-Keynesian school.
It holds that money is created endogenously by the banking sector, rather than exogenously by cent ...
, originally developed in continental Europe, places particular emphasis on the distinctive role of money as means of payment. Each of these strands continues to see further development by later generations of economists.
Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox
*
*
*
*
*
* macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of t ...
is a relatively recent offshoot influenced by the macroeconomic modelling of
Wynne Godley
Wynne Godley (26 September 192613 May 2010) was an economist famous for his pessimism about the British economy and his criticism of the British government. In 2007, he and Marc Lavoie wrote a book about the " Stock-Flow Consistent" model, an an ...
and
Hyman Minsky
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research att ...
's ideas on the labour market, as well as
chartalism
In macroeconomics, chartalism is a heterodox theory of money that argues that money originated historically with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with whi ...
and
functional finance Functional finance is an economic theory proposed by Abba P. Lerner, based on effective demand principles and chartalism. It states that government should finance itself to meet explicit goals, such as taming the business cycle, achieving full emp ...
.
Recent work in post-Keynesian economics has attempted to provide micro-foundations for capacity underutilization as a
coordination failure (economics) In economics, coordination failure is a concept that can explain recessions through the failure of firms and other price setters to coordinate. In an economic system with multiple equilibria, coordination failure occurs when a group of firms coul ...
, justifying government intervention in the form of aggregate demand stimulus.
Current work
Journals
Much post-Keynesian research is published in the ''
Review of Keynesian Economics
The ''Review of Keynesian Economics'' (ROKE) is a quarterly double-blind peer-reviewed academic journal covering Keynesian and Post-Keynesian economics, although it is also open to other heterodox traditions. It is published by Edward Elgar Pub ...
'' (ROKE), the ''Journal of Post Keynesian Economics'' (founded by
Sidney Weintraub and
Paul Davidson), the ''Cambridge Journal of Economics'', the ''Review of Political Economy'', and the ''Journal of Economic Issues'' (JEI).
United Kingdom
There is also a United Kingdom academic association, th
Post Keynesian Economics Society(PKES). This was previously called the Post Keynesian Economics Study Group (PKSG) but changed its name in 2018. In the UK, post-Keynesian economists can be found in:
*
SOAS University of London
SOAS University of London (; the School of Oriental and African Studies) is a public research university in London, England, and a member institution of the federal University of London. Founded in 1916, SOAS is located in the Bloomsbury are ...
*
University of Greenwich
The University of Greenwich is a public university located in London and Kent, United Kingdom. Previous names include Woolwich Polytechnic and Thames Polytechnic.
The university's main campus is at the Old Royal Naval College, which along with it ...
*
University of Leeds
, mottoeng = And knowledge will be increased
, established = 1831 – Leeds School of Medicine1874 – Yorkshire College of Science1884 - Yorkshire College1887 – affiliated to the federal Victoria University1904 – University of Leeds
, ...
*
Kingston University
, mottoeng = "Through Learning We Progress"
, established = – gained University Status – Kingston Technical Institute
, type = Public
, endowment = £2.3 m (2015)
, ...
*
King's College London
King's College London (informally King's or KCL) is a public research university located in London, England. King's was established by royal charter in 1829 under the patronage of King George IV and the Duke of Wellington. In 1836, King's ...
, International Political Economy
*
Goldsmiths, University of London
Goldsmiths, University of London, officially the Goldsmiths' College, is a constituent research university of the University of London in England. It was originally founded in 1891 as The Goldsmiths' Technical and Recreative Institute by the Wor ...
*
University of the West of England, Bristol
The University of the West of England (also known as UWE Bristol) is a public research university, located in and around Bristol, England.
The institution was know as the Bristol Polytechnic in 1970; it received university status in 1992 and ...
*
University of Hertfordshire
The University of Hertfordshire (UH) is a public university in Hertfordshire, United Kingdom. The university is based largely in Hatfield, Hertfordshire. Its antecedent institution, Hatfield Technical College, was founded in 1948 and was ident ...
*
Cambridge University
, mottoeng = Literal: From here, light and sacred draughts.
Non literal: From this place, we gain enlightenment and precious knowledge.
, established =
, other_name = The Chancellor, Masters and Schola ...
, Land Economy
*
Birmingham City University
Birmingham City University (abbrev. BCU) is a university in Birmingham, England. Initially established as the Birmingham College of Art with roots dating back to 1843, it was designated as a polytechnic (United Kingdom), polytechnic in 1971 and gai ...
*
University College London
, mottoeng = Let all come who by merit deserve the most reward
, established =
, type = Public research university
, endowment = £143 million (2020)
, budget = ...
, Institute for Innovation and Public Purpose
*
Open University
The Open University (OU) is a British public research university and the largest university in the United Kingdom by number of students. The majority of the OU's undergraduate students are based in the United Kingdom and principally study off- ...
*
University of Winchester
, mottoeng = Wisdom and Knowledge
, established = 1840 - Winchester Diocesan Training School1847 - Winchester Training College1928 - King Alfred's College2005 - University of Winchester
, type = Public research university
...
United States
In the United States, there are several universities with a post-Keynesian bent:
*
The New School
The New School is a private research university in New York City. It was founded in 1919 as The New School for Social Research with an original mission dedicated to academic freedom and intellectual inquiry and a home for progressive thinkers. ...
, New York City
* The
University of Massachusetts Amherst
The University of Massachusetts Amherst (UMass Amherst, UMass) is a public research university in Amherst, Massachusetts and the sole public land-grant university in Commonwealth of Massachusetts. Founded in 1863 as an agricultural college, it ...
* The
University of Utah
The University of Utah (U of U, UofU, or simply The U) is a public research university in Salt Lake City, Utah. It is the flagship institution of the Utah System of Higher Education. The university was established in 1850 as the University of De ...
, Salt Lake City
*
Bucknell University
Bucknell University is a private liberal arts college in Lewisburg, Pennsylvania. Founded in 1846 as the University at Lewisburg, it now consists of the College of Arts and Sciences, Freeman College of Management, and the College of Engineering. ...
, Lewisburg, Pennsylvania
*
Denison University
Denison University is a private liberal arts college in Granville, Ohio. One of the earliest colleges established in the former Northwest Territory, Denison University was founded in 1831. The college was first called the Granville Literary and ...
, Granville, Ohio
*
Levy Economics Institute
Founded in 1986 as the Jerome Levy Economics Institute, the Levy Economics Institute of Bard College is a nonprofit, nonpartisan public policy think tank. The purpose of its research and other activities is to enable scholars and leaders in busi ...
at
Bard College
Bard College is a private college, private Liberal arts colleges in the United States, liberal arts college in Annandale-on-Hudson, New York. The campus overlooks the Hudson River and Catskill Mountains, and is within the Hudson River Historic ...
, Annandale-on-Hudson, New York
*
University of Missouri–Kansas City
The University of Missouri–Kansas City (UMKC) is a public research university in Kansas City, Missouri. UMKC is part of the University of Missouri System and one of only two member universities with a medical school. As of 2020, the university ...
*
University of Denver
The University of Denver (DU) is a private university, private research university in Denver, Colorado. Founded in 1864, it is the oldest independent private university in the Mountain States, Rocky Mountain Region of the United States. It is ...
*
Colorado State University
Colorado State University (Colorado State or CSU) is a public land-grant research university in Fort Collins, Colorado. It is the flagship university of the Colorado State University System. Colorado State University is classified among "R1: ...
, Fort Collins
* The
University of Massachusetts Boston
The University of Massachusetts Boston (stylized as UMass Boston) is a Public university, public research university in Boston, Massachusetts. It is the only public research university in Boston and the third-largest campus in the five-campus Un ...
*
John Jay College of Criminal Justice
The John Jay College of Criminal Justice (John Jay) is a public college focused on criminal justice and located in New York City. It is a senior college of the City University of New York (CUNY). John Jay was founded as the only liberal arts c ...
at
City University of New York
The City University of New York ( CUNY; , ) is the Public university, public university system of Education in New York City, New York City. It is the largest urban university system in the United States, comprising 25 campuses: eleven Upper divis ...
, New York City
Netherlands
*
Erasmus University
Erasmus University Rotterdam (abbreviated as ''EUR'', nl, Erasmus Universiteit Rotterdam ) is a public research university located in Rotterdam, Netherlands. The university is named after Desiderius Erasmus Roterodamus, a 15th-century humanist ...
, Rotterdam
*
International Institute of Social Studies
The International Institute of Social Studies (ISS) of Erasmus University Rotterdam is an independent and international graduate school of policy-oriented critical social science. ISS was established in 1952 by Dutch universities and the Neth ...
, The Hague
*
University of Groningen
The University of Groningen (abbreviated as UG; nl, Rijksuniversiteit Groningen, abbreviated as RUG) is a Public university#Continental Europe, public research university of more than 30,000 students in the city of Groningen (city), Groningen in ...
, Groningen
France
*
Sorbonne Paris North University
Sorbonne Paris North University (french: Université Sorbonne Paris Nord) is a public university based in Paris, France. It is one of the thirteen universities that succeeded the University of Paris in 1968. It is a multidisciplinary university l ...
Canada
In Canada, post-Keynesians can be found at the
University of Ottawa
The University of Ottawa (french: Université d'Ottawa), often referred to as uOttawa or U of O, is a bilingual public research university in Ottawa, Ontario, Canada. The main campus is located on directly to the northeast of Downtown Ottawa ...
and
Laurentian University
Laurentian University (french: Université Laurentienne), officially the Laurentian University of Sudbury, is a mid-sized Bilingualism in Canada, bilingual public university in Greater Sudbury, Ontario, Canada, incorporated on March 28, 1960. Lau ...
.
Germany
In Germany, post-Keynesianism is very strong at the
Berlin School of Economics and Law
The Berlin School of Economics and Law (German: ''Hochschule für Wirtschaft und Recht''), abbreviated as BSEL, is a public institution of higher education and research founded on 1 April 2009 through the merger of the Berlin School of Economi ...
and its master's degree course: International Economics
.A. Many German Post-Keynesians are organized in the Forum Macroeconomics and Macroeconomic Policies.
Australia
University of Newcastle
The
University of Newcastle in New South Wales, Australia, houses the post-Keynesian
think-tank
A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-governmental org ...
the
Centre of Full Employment and Equity (CofFEE).
Major post-Keynesian economists
Major post-Keynesian economists of the first and second generations after Keynes include:
*
Victoria Chick
Victoria Chick (April 8, 1936 – January 15, 2023) was a Post Keynesian economist known for her essays on monetary theory, banking and methodology. Her writing on Keynes's General Theory made her one of the foremost interpreters of his work. ...
*
Alfred Eichner
Alfred S. Eichner (March 23, 1937February 10, 1988) was an American post-Keynesian economist who challenged the neoclassical price mechanism and asserted that prices are not set through supply and demand but rather through mark-up pricing.
Eich ...
*
James Crotty
*
Paul Davidson
*
Wynne Godley
Wynne Godley (26 September 192613 May 2010) was an economist famous for his pessimism about the British economy and his criticism of the British government. In 2007, he and Marc Lavoie wrote a book about the " Stock-Flow Consistent" model, an an ...
*
Geoff Harcourt
Geoffrey Colin Harcourt (27 June 1931 – 7 December 2021) was an Australian academic economist and leading member of the post-Keynesian school. He studied at the University of Melbourne and then at King's College, Cambridge.
Biography
After ...
*
Donald J. Harris
Donald Jasper Harris (born August 23, 1938) is a Jamaican-American economist and professor emeritus at Stanford University, known for applying Post-Keynesian economics, post-Keynesian ideas to development economics. He is the father of the 49th a ...
*
Michael Hudson
*
Nicholas Kaldor
Nicholas Kaldor, Baron Kaldor (12 May 1908 – 30 September 1986), born Káldor Miklós, was a Cambridge economist in the post-war period. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), d ...
*
Michał Kalecki
Michał Kalecki (; 22 June 1899 – 18 April 1970) was a Polish Marxian economist. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics ...
*
Frederic S. Lee
*
*
Steve Keen
Steve Keen (born 28 March 1953) is an Australian economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking ...
*
Jan Kregel
Jan A. Kregel (born 19 April 1944) is an American post-Keynesian economist.
Kregel has served since 2006 as Professor of Finance and Development at Tallinn University of Technology, Tallinn, Estonia. He is an adjunct professor at Johns Hopkins SA ...
*
*
Paolo Leon
Paolo Leon (26 April 1935 – 11 June 2016) was an Italian Post Keynesian economist. He has served since 1992 as Professor of Public Economics at the University of Rome III in Rome, Italy and then as emeritus professor. Before that, he was Assista ...
*
Abba P. Lerner
Abraham "Abba" Ptachya Lerner (also Abba Psachia Lerner; 28 October 1903 – 27 October 1982) was a Russian-born American-British economist.
Biography
Born in Novoselytsia, Bessarabia, Russian Empire, Lerner grew up in a Jewish family, which e ...
*
Hyman Minsky
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research att ...
*
Basil Moore
Basil John Moore was a Canadian post-Keynesian economist, best known for developing and promoting endogenous money theory, particularly the proposition that the money supply curve is ''horizontal,'' rather than upward sloping, a proposition known ...
*
Edward J. Nell
Edward J. Nell (born July 16, 1935) is an American economist and a former professor at the New School for Social Research. Nell was a member of the New School faculty from 1969 to 2014. He achieved the rank of Malcolm B. Smith Professor of Econom ...
*
Luigi Pasinetti
Luigi L. Pasinetti (born 12 September 1930) is an Italian economist of the post-Keynesian school. Pasinetti is considered the heir of the " Cambridge Keynesians" and a student of Piero Sraffa and Richard Kahn. Along with them, as well as Joan Ro ...
*
Joan Robinson
Joan Violet Robinson (''née'' Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory. She was a central figure in what became known as post-Keynesian economics.
B ...
*
George Shackle
George Lennox Sharman Shackle (14 July 1903 – 3 March 1992) was an English economist. He made a practical attempt to challenge classical rational choice theory and has been characterised as a "post-Keynesian", though he is influenced as well by ...
*
Anthony Thirlwall
Anthony Philip Thirlwall (born 1941) is Professor of Applied Economics at the University of Kent. He has made major contributions to regional economics; the analysis of unemployment and inflation; balance of payments theory, and to growth and deve ...
*
Fernando Vianello
Fernando Vianello (17 August 1939 – 10 August 2009) was an Italian economist and academic. Together with Michele Salvati, Sebastiano Brusco, Andrea Ginzburg and Salvatore Biasco, he founded the Faculty of Economics of the University of Modena a ...
*
William Vickrey
William Spencer Vickrey (21 June 1914 – 11 October 1996) was a Canadian-American professor of economics and Nobel Laureate. Vickrey was awarded the 1996 Nobel Memorial Prize in Economic Sciences with James Mirrlees for their research into the e ...
*
L. Randall Wray
Larry Randall Wray (born June 19, 1953) is a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. Previously, he was a professor at the University of Missouri–Kansas City in Kansas City, Missouri, USA, who ...
*
Dimitri B. Papadimitriou
Dimitri B. Papadimitriou (born 9 June 1946, in Thessaloniki) is a Greece, Greek-born United States, American economist, author, and college professor. He is President, Levy Economics Institute of Bard College since its inception in 1986 and Jero ...
*
Sidney Weintraub
See also
*
Disequilibrium macroeconomics
Disequilibrium macroeconomics is a tradition of research centered on the role of disequilibrium in economics. This approach is also known as non-Walrasian theory, equilibrium with rationing, the non-market clearing approach, and non-tâtonnement ...
*
Endogenous money
Endogenous money is an economy’s supply of money that is determined endogenously—that is, as a result of the interactions of other economic variables, rather than exogenously (autonomously) by an external authority such as a central bank.
T ...
*
Job guarantee
*
Keynesian economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output an ...
*
Neo-Keynesian economics
The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Key ...
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New Keynesian economics
New Keynesian economics is a school of macroeconomics that strives to provide microfoundations, microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new ...
Notes
References
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Further reading
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* Holt, Ric;
Pressman, Steven (2006). ''Empirical Post Keynesian Economics: Looking at the Real World.'' M.E. Sharpe.
External links
Structure of Post Keynesian Economics-Geoff Harcourt*
ttp://macropolis.wikispaces.com/file/view/Introduction+to+Post-Keynesian+Economics+-+Lavoie.pdf Presentation of post Keynesian economics Marc Lavoie
Samuelson and the Keynes/Post Keynesian Revolution:by Paul Davidson*
ttps://academic.oup.com/cje/article-abstract/20/1/111/1716931 Post-Keynesian economics: towards coherence Cambridge Journal of Economics
{{Portal bar, Business and economics
Keynesian economics