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Mark Setterfield

This chapter views the debate between horizontalism and structuralism through the lens of the ‘history versus equilibrium’ distinction in post-Keynesian macrodynamics. The argument is that that there can be, and to an extent already is, agreement that the horizontal credit-supply curve is not a special case, and that the existence of an indeterminate dynamic credit-supply schedule provides a general framework capable of accommodating both horizontalist and structuralist arguments. These claims rest on the distinction between logical and historical time and, in particular, the claim that any construct (including, for example, a credit-supply schedule) that is akin to a determinate long-run equilibrium relationship is anathema to the methodological foundations of post-Keynesian economics.

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Mark Setterfield and Kurt von Seekamm