Teaching Post Keynesian Economics

Teaching Post Keynesian Economics

Edited by Jesper Jespersen and Mogens Ove Madsen

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 the 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.


Jesper Jespersen and Mogens Ove Madsen

Subjects: economics and finance, post-keynesian economics, teaching economics


The year 2011 marked 75 years since the publication of The General Theory of Employment, Interest and Money. It was published on 4 February 1936 in the middle of an economic depression, a time in which politicians were groping in the dark with little help from the field of economics. People were queuing to buy the book as soon as it was released, and expectations were high. There are many similarities between then and now, including unemployment, low growth and mounting public debt. Unfortunately, nobody is talking about a new ‘General Theory’ being on the way, which gives us all the more reason to re-read and reconsider Keynes’s seminal book. At the brink of the 21st century, a number of academic economists were asked which economist they considered to have had the greatest impact on the 20th century. Most named Keynes, many referring directly to The General Theory; but this vote was about influence in the past. One hardly sees references to Keynes in macroeconomic textbooks any more – perhaps a passing remark related to the case of rigid wages in the labour market (which only demonstrates that the author has not read The General Theory). Given the number of similarities between the economic crisis of the 1930s and the present one, we considered this an obvious time to gather Keynes scholars from around the world to discuss and exchange views on the ‘relevance and perspectives’ of The General Theory for this century.