Dealing with Reality
Edited by Jesper Jespersen and Finn Olesen
Chapter 2: Challenges for post-Keynesian macroeconomics: a behavioural and structuralist perspective
Post-Keynesian macroeconomics faces several challenges. The labor market and the supply side, first, have not been getting the attention that they deserve in Post-Keynesian growth theory. The failings of the Lucas-type ‘microeconomic foundations’, second, must not lead to a neglect of microeconomic behavior. Convincing macroeconomic theories must recognize and address the connections between macroeconomic relations and the microeconomic behavior whose aggregate manifestation the relations represent. Microeconomic behavior, third, takes place within an institutional structure that shapes economic behavior and economic outcomes. Macroeconomic theory must be both behavioral and structuralist.
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