Since the global financial crisis there has been growing interest in Post-Keynesian macroeconomic theory by political economists. In particular, the recent Growth Models approach in Comparative Political Economy (CPE) draws heavily on Kaleckian macroeconomics of demand regimes. This paper, firstly, traces the disintegration of nineteenth-century political economy and highlights that many streams within heterodox economics are a continuation of the political economy project, as are the sub-fields of CPE and International Political Economy in the social sciences. Secondly, the paper gives an overview of the Growth Models approach and its relation to Post-Keynesian Economics (PKE). It clarifies different strategies of identifying growth models empirically, namely GDP growth decomposition versus analysing growth drivers, and it highlights changes in growth models since the global financial crisis. Finally, it identifies opportunities and challenges that emerge from a continued engagement of PKE with political economy and with CPE in particular.
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Email: engelbert.stockhammer@kcl.ac.uk.
Email: k.kohler@leeds.ac.uk.
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- JEL codes
- 1 INTRODUCTION
- 2 FROM POLITICAL ECONOMY TO POST-KEYNESIAN ECONOMICS AND COMPARATIVE POLITICAL ECONOMY
- 3 COMPARATIVE POLITICAL ECONOMY AND VARIETIES OF CAPITALISM
- 4 POST-KEYNESIAN ECONOMICS AND THE TURN TO GROWTH MODELS IN COMPARATIVE POLITICAL ECONOMY
- 5 IDENTIFYING GROWTH MODELS
- 6 CHANGES IN GROWTH MODELS SINCE THE GLOBAL FINANCIAL CRISIS14
- 7 THE IMPORTANCE OF FURTHER ENGAGEMENT BETWEEN POLITICAL ECONOMY AND POST-KEYNESIAN ECONOMICS
- ACKNOWLEDGEMENTS
- REFERENCES
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