The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 84: Post-Keynesian economics

Eckhard Hein and Marc Lavoie

Abstract

After a short overview over the historical development of post-Keynesian economics, this chapter first distinguishes post-Keynesian economics and heterodox economics in general from mainstream orthodox economics according to the differences in five basic presuppositions. It then presents the main strands of post-Keynesian economics, that is, the fundamentalist Keynesians, the Kaleckians, the Sraffians or neo-Ricardians, the institutionalists and, finally, the Kaldorians. In particular, it emphasizes the main commonalities of these strands: the focus on a monetary theory of production; the dominance of the principle of effective demand in the short and long run; the importance of the notion of fundamental uncertainty; the insistence that economic processes take place in historical and irreversible time; and the importance of distributional issues and distribution conflict for economic outcomes. Finally, the implications for post-Keynesian macroeconomic policies as an alternative to new consensus macroeconomic policies are highlighted.

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