Progressive Post-Keynesian Economics
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Progressive Post-Keynesian Economics

Dealing with Reality

Edited by Jesper Jespersen and Finn Olesen

This book is devoted to the progression of Post-Keynesian economics, taking stock of the previous 10 years of persistent imbalances in many dimensions of macroeconomic ‘reality’. This has given inspiration to Post-Keynesian scholars to make innovative contributions in areas like methodology, macroeconomic modelling and teaching. One challenge discussed in several chapters is how to model a complex macro-system where microeconomic uncertainty is increasing? This aspect is elaborated in a number of contributions which focus on the role of the financial sector and financialization for macroeconomic disruptions. Additional chapters deal with teaching and the use of case-studies for a better understanding of the real world economy.
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Chapter 13: Do not blindly trust economists

Mogens Lykketoft

Abstract

Economic models are partial and often biased by ideology. In the present situation government models have a neoclassical free-market twist, which gives neoliberal policies priority with regard to growth and employment. This result is contrary to reality, where the Scandinavian welfare model has been very successful. So, be critical and do not blindly trust economists. A free-market model gives a biased picture of austerity policies for the present and the cost of creating a sustainable development for the future.

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